Australian (ASX) Stock Market Forum

SWF - SelfWealth Limited

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after reading lot of good things about broking account, I started opening an account with SWF.
I was confused to see the company has not mandated to tick off all boxes on the final page. So I did not tick all boxes. However going to end of the form, it did not accept my application or the submit button did not arrive.
That's strange - why should I give power of attorney to anyone or force myself with ANZ .
Applicant declaration
* Asterisk = required field

Tick the box(es) below once you have reviewed and accepted the terms and conditions as outlined in the following documents.
Yes. I/We hereby request OpenMarkets Australia Limited (OpenMarkets) and SelfWealth Limited (SelfWealth) arrange for the opening of a SelfWealth TRADING account with Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (“ANZ”).

Yes. I/We hereby grant a limited power of attorney to SelfWealth with full power and authority to undertake and perform the following on my/our behalf in accordance with my/our instructions:
  1. Apply for and open a trust account with Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (“ANZ”) as bare trustee for me to enable transactions, payment of fees and charges and receipt of dividend income from my ASX listed securities; (WHY IT SHOULD BE MUST FOR ME TO SAY YES ?)
  2. Provide relevant information I have provided to SelfWealth Limited, including my TFN and bank account details, to an ASX approved stockbroker for the purposes of opening an account for me to enable trading in ASX-listed securities, which includes entering into an ASX Sponsorship Agreement and directing SelfWealth to settle my transactions and pay fees to SelfWealth or my broker from the trust account;
  3. Provide instructions to my broker in relation to corporate actions on any ASX-listed securities;
  4. Apply, open and provide instructions for other accounts including deposit and fixed interest accounts as required to facilitate transactions;
  5. Provide or complete any tax or tax related documentation required in any jurisdiction including US tax or tax related documentation;
  6. Perform transactions for any other investments;
  7. Arrange for the rollover, transfer or redemption of any assets held by me/us or on my/our behalf;
  8. Notify my/our contact details and my/our TFN and bank account details in respect of any investments or purchase made on my/our behalf, and
  9. Deduct from the trust account any fees payable in respect of my investments.


This power of attorney may be revoked by me/us at any time.

I/We hereby declare:
  1. I/We agree to receive all transaction confirmations and reports via online access and/or email and accept the terms and conditions of access to the technology. Further, I/We acknowledge that all communications will be sent to the email address I have provided in this Application Form, and that if I have nominated an email address not under my control, it is my responsibility to ensure I receive such communications.
  2. If I am/we are an individual investor(s), I am/we are 18 years of age or over.
  3. If I am/we are investing under a delegation of authority, I/we confirm that I am/we are investing in accordance with my/our designated powers and authority.
  4. The statements and answers provided in this Application Form are true and complete, and I/we will notify SelfWealth of any change of my/our personal details or circumstances as soon as possible.
  5. I/We authorise Tax File Numbers provided to be used by SelfWealth and OpenMarkets.
  6. I/We have read SelfWealth's Privacy Statement and I/we authorise the SelfWealth to use my/our personal information in accordance with its Privacy Policy.
  7. I/We confirm that I/we are eligible to trade in listed securities and that my/our investment does not breach any law or ruling or other binding obligation.
  8. I/We understand the risks of investing in securities.
  9. I/we understand that the value of investments may rise or fall from time to time, and that neither investment performance nor the repayment of capital is (or can ever be) guaranteed when trading in securities. Further, I/we acknowledge that SelfWealth and OpenMarkets do not assess the suitability or appropriateness of investments or the skills of available investment managers, and that I have formed my own view in relation to each investment and am solely responsible for each investment decision.
  10. I/We acknowledge that SelfWealth and OpenMarkets have no knowledge of my/our personal circumstances and that they have no basis on which to form a view as to the reasonableness or appropriateness of the advice, fees or investment recommendation in relation to my/our personal situation. I/We acknowledge that, where I/we fail to provide any required information or documentation, SelfWealth has the right not to accept this Application Form or any instruction for a transaction, and that SelfWealth will not be liable for any loss that may arise.
  11. I/We understand that SelfWealth may cease providing SelfWealth TRADING if I/we do not comply with its terms and conditions.
  12. As part of this application, I agree to provide the relevant information to enable the SelfWealth and OpenMarkets to confirm my identity in accordance with the Anti-Money Laundering and Counter Terrorism Financing act 2006 and its associated rules.
  13. I acknowledge that SelfWealth and OpenMarkets may request additional information from me from time to verify my records for the purpose of meeting the Anti-Money Laundering and Counter-Terrorism Financing act 2006.

I/We acknowledge that I/we have received, read, understood and agree to the following document(s):
  • bullet_child.gif
    SelfWealth Member Terms and Conditions
  • bullet_child.gif
    OpenMarkets Terms and Conditions
  • bullet_child.gif
    LABform Data Handling Statement

I/We acknowledge that:
  1. I/We authorise OpenMarkets to open a broking account with OpenMarkets to be accessed through SelfWealth Ltd;
  2. I/We have received, read and agree to be bound by the OpenMarkets Australia Ltd AFSL 246705 (OpenMarkets) Client Agreement including Part 2 CHESS Sponsorship. I/We also acknowledge that I/We have received, read and understood the OpenMarkets Financial Services Guide and Best Execution Policy. The documents referred to are available at OpenMarkets Terms and Conditions; and
  3. The declarations made in this Investor Declarations are made for the benefit of OpenMarkets.

    Upon the acceptance of this application, the opening of an account for the Applicant and the issue of a HIN by OpenMarkets, OpenMarkets will be taken to have agreed to be bound by and to have signed the OpenMarkets Client Agreement including Part 2 CHESS Sponsorship.

Electronic identity verification
To enable us to verify your identity, we may disclose personal information such as your name, date of birth, and address to a credit reporting agency (CRA) to obtain an assessment of whether that personal information matches information held by the CRA. The CRA may give us a report on that assessment and to do so may use personal information about you and other individuals in their files. Alternative means of verifying you are available on request. If we are unable to verify your identity using information held by a CRA we will provide you with a notice to this effect and give you the opportunity to contact the CRA to update your information held by them or verify your identity using an alternative method acceptable to us.
I/We hereby give our full and informed consent to access and confirm our name, date of birth and address with a credit reporting agency for the purposes of undertaking an electronic identity verification.

Applications will only be accepted from investors who are Australian residents for tax purposes (except in limited circumstances).
An email was sent to your email address with important documents relating to your account application (check your junk mail folder if this is not in your inbox).

This email also contains a completion PIN that you need to enter below to submit your application.
 
I may have misread the above post but any bank account attached to your broker is a trust account (afaik). That is why you cannot use the ANZ banking platform to access the ANZ bank account that SW set up for you.
 
SP and volume increasing over the last 3 days/ bars.
Wondering if the trend will continue?
Showing good support thus far, just need supply to get a bit thin and interesting!
Hopefully I get to do a breakout boogie within 6 days...:D
F.Rock
PS, up today 6.25%. closed 0.17
 
So Friday and today was a bit washy, for the market's and Selfweath.
Despit this, selling pressure is not there, support continues ATM.
Closed at 0.185, up 0.015 or 8.8%
The volume will be key this week.
Was a bit lighter today and Friday.
Did a little selling pressure test today, support appeared instantly which brought relief!
I removed the selling pressure, support remained then proceeded to buy up before and on closing.
Happy to hold.
F.Rock
 
Update.
The supply ship arrived today and off-loaded rather smartly.
Caught me off guard...
Still hold 2/3 of original lot, a double dip.
2.15k realised profit thus far starting from last Wednesday, Tuesday today.
Tomorrow looks iffy... like someones flagging the supply ship back... might be cutting that profit in half tomorrow...
F.Rock
 
A bit late, apologies, but February was another great month.
Massive growth in new customers & trading volume, I don't want to jinx them for March so I won't make any predictions.

They raised $3m on Monday with an additional capital raise, 21m shares @ 14c each, which I think is smart move in retrospect given the volatile nature of the market at the moment. Unless they're about to go on a spending spree, that $2.8m($3m minus fees) should be more than enough to see them through to their breakeven point.

upload_2020-3-11_11-14-7.png
 
If Feb was a good Month, March will smash all previous figures....
The volumes being traded are phenomenal... surely SWF are getting there piece of the pie?

F.Rock
 
frugal.rock said:
If Feb was a good Month, March will smash all previous figures....
The volumes being traded are phenomenal... surely SWF are getting there piece of the pie?

F.Rock
Click to expand...
My figures said next FY that they should be break even/profitable at much lower growth rates than Jan/Feb saw and current trade volumes for March.

Once the virus fades I think a % of the recent growth will drop off and resume a more steady growth rate. There is potential downside to all the volatility in that people might decide to pull up stumps and withdraw completely but I don’t think that’s the case yet.
 
I can see March trades being up 50% on February.
Would be interested to know what your revised figures indicate as a new potential break even month?
Cheers.

F.Rock
 
frugal.rock said:
I can see March trades being up 50% on February.
Would be interested to know what your revised figures indicate as a new potential break even month?
Cheers.

F.Rock
Click to expand...
Month is too granular but if trade volumes & cash balances keep growing at 20-30% a month(which I don't think they will long term, that's what I estimate per quarter at the moment so gives you an idea that growth at the moment is exceptional) my figures say next quarter they're profitable. It probably won't be enough to wipe out the cash burn for the FY but it's a great position to start the new FY.
 
Another bumper quarterly report, I was expecting good number but probably not this good.
Operations wise, their cash burn was $70k down from $535k last quarter.

Even with minimal growth(and they've indicated in the report the strong growth is continuing on page 4) it should be profitable this quarter.

The March figures were especially impressive:
- Over $1m in revenue in March alone
- Client cash went from $217m to $359m
- "Active Traders" whatever that means went from 26k to 32k

upload_2020-4-7_9-14-44.png


If you picked up any shares in the last week or two you'd very happy with yourself :xyxthumbs
 
I've chosen Selfweath for the May tipping competition.
The price has taken off in the past week - broken out on increasing volume.
Hopefully it will continue, as more people decide to invest in the stock market.

swf.PNG
 
Screenshot_20200629-221407.png

I recall I was out around the $ 0.16 mark with the plan to get back in after it finished consolidation...
As usual, it got away from me, never expected such a run up.
On a pullback now, hopefully am in a suitable position to buy when/ if it retreats to a certain point.
 
frugal.rock said:
View attachment 105363

I recall I was out around the $ 0.16 mark with the plan to get back in after it finished consolidation...
As usual, it got away from me, never expected such a run up.
On a pullback now, hopefully am in a suitable position to buy when/ if it retreats to a certain point.
Click to expand...
Same here, I have sold out to the first virus crash and haven't had a chance to buy back :oops:
 
outstanding growth numbers for FY20 that reflect our successful year.
• Active traders have increased 235% from 13,856 to 46,445
• Annual trade numbers are up over 299% from 164,999 to 659,131
• Revenue increased significantly in line with the large increases in clients and trading volumes to finish 188% up from $2.81m to $8.08m
• Operating cashflow saw a reduction in cash burn from $3.2m to $147,000.

The growth exhibited by your Company has resulted in SelfWealth's first-ever quarterly positive cash flow from operating activities during the fourth quarter of FY20. We are confident of further growth in FY21. A healthy balance sheet, no debt and a positive cashflow leave the Company in an excellent position to execute its growth strategy in a dynamic marketplace that is changing actively.
 
Position finally taken on open this morning.
Was determined to not let it get away again and there progress of December broker access to the US markets means it's a keeper.
Their customer base and FUM position should keep growing nicely.
Wish they would tidy up their interface though...ugh.
As a customer, am happy with everything else, orders have been seamlessly executed.
 
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