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- Client view #3: Michael Steinacher
Client view #3: Michael Steinacher
At ETFmatic we have the pleasure of serving clients in 32 European countries. We see this as an incredible advantage being able to interact with such a large and diverse group of people from all walks of life. As our aim is to democratise finance for all Europeans we ask our clients if they would be willing answer questions on their experience and initial decision to use ETFmatic. The post below is part of an ongoing series where we share the experiences some of the amazing clients we serve today.
How long have you been investing for?
For more or less three years I've been managing my savings myself and I will have used ETFmatic for one year soon.
Describe your investment goals. Are they long-term, short-term, are you on track? Have you changed your investment strategy over the years? If so, how?
I don't have a particular investment goal, I just wanted a better yield from the part of my savings that I won't need in the forseeable future, compared to the abysmal interest from my savings accounts. Initially I had all of my savings in a traditional savings account and later switched to a online savings account witch gave slightly better yields.
Why did you decide to use ETFmatic?
I already knew about the concept of robo-advisers and found the idea intriguing and had already set up a simulation depot at ETFmatic just to see how it would behave. When my bank lowered the insterest on my savings account once again to 0,5 % p.a. that was the trigger for me to just look up all the available European Robo-Advisers. The cost-structure of ETFmatic fared well in the comparison and they also allow comparatively small amounts to be invested, which is why I made the decision for them.
Can you provide a brief overview of your experience so far - How much are you investing, how long for, and how satisfied are you with returns to date?
I'm investing about half the savings I managed to set aside during my student life – about €3000. I think I started about October last year. Initially I mistakenly set up my account in GBP, and the conversion fees from ETFmatic's bank were quite high (4,5 % for the double conversion EUR – GPB – EUR). The very good customer support noticed and waived my fees for a period of time, a nice gesture. Apart from that I'm very happy with the returns even though it's maybe a bit early to really be able the assess the returns.
How comfortable are you with using a robo-advice platform, how does it compare with your investing experience prior?
I'm quite happy with the overall platform experience, it's not very unusual to me though since my short investing experience never involved human advisers.
The website itself was a bit spartic when I first started using it, they have added some more information and visualisation since then about portfolio composition etc.
We'd like to thank Michael for his time and investing with us. If you would like to be part of our client feedback series and provide your opinion. Good, bad or indifferent, please do let us know