Old Mutual taps 22seven to #startover
Some of you may have heard the radio ads or TV commercials by 22seven recently to #startover with your money. Most of you reading this have already read about it during the #my22seven campaign that was running here. Now 22seven have revealed the true value in the app. It’s made us save money and now with the recent update to the app it’ll allow us to invest (tax free) straight from the app without the need of a financial advisor.
Old Mutual have just disrupted their countless personal financial advisors with an app. You heard that right.
This is a rather smart move by Old Mutual who purchased 22seven a while ago. Remove the middle man and reduce the cost of investing using an app that shows you how to save. There’s always that ‘I can’t afford to invest excuse’ but with 22seven they show you how to save money and now allow you to invest those extra hundreds of Rands you’ve been saving within the same app. That’s innovation right there. This may not make any sense reading it here so head on over to the 22seven blog where they announce it officially: Bold is my own emphasis
Well, looky here! You can invest money through 22seven now.
There are two unit trust funds available – the Old Mutual Core Diversified Fund and the Old Mutual Top 40 Fund. Both can be tax free, as part of the National Treasury’s new legislation to promote savings: you can invest up to R30 000 a year and you aren’t taxed on the growth of that money, so there’s good reason to do it. There are better reasons to do it through 22seven.
One is the accessibility and flexibility. You can put in as little as R350, once off or monthly. (And, although they’re really meant to be long-term investments to help fuel your hopes and dreams, you are able to withdraw money any time, without paying penalties.)
Another is the low cost. The fee on investments through 22seven is also a very low 0.68% (compared with the industry average of 2.3%), so you keep more of your own money to grow, more.
Then there’s the simplicity. We’ve stripped out the process to a degree many thought wasn’t possible. So opening an investment takes just minutes, and it’s 100% online – all at the flick of a finger or click of a mouse on your mobile phone or computer (including FICA documents). No pens or paper, no visits to branches, no queues or delays. We don’t know of anyone or anywhere else that has made investing so straight forward.
Christo Davel is one smart guy. Here’s to 21st century investing and a belated thanks to 22seven for sponsoring this blog post.