Clover and Raiz are both fast-growing investment services that use technology to make investing easier.
We might sound similar, but there are significant differences in our services and the way your investments are held. Here's a quick review:
Clover provides personal investment advice and management for people who are serious about growing their savings. Clover builds clients a personalised portfolio based on their unique circumstance, like your age, goals, and risk tolerance.
Raiz is aimed at micro-investing, or investing smaller amounts of money. Raiz rounds up transactions, to help users save money in the background. They also offer incentives for shopping at partner stores.
Clover is a licensed financial adviser and gives personalised recommendations.
Raiz does not give personalised financial advice.
It is up to you to select an investment strategy and decide whether it's appropriate for you.
Your money remains legally yours at all stages with Clover.
Your money is invested in a pooled fund and the assets are held with a custodian.
We have a clear and transparent fee structure.
We've even built a calculator so you can see exactly what your Clover fees will be.
Additional costs may include netting spread, transaction costs, additional responsible entity fees, and dishonour fees.
Clover does not require access to your savings account.
We set up a Cash Management Account for you, free of charge, for you to transfer your funds into.
Raiz requires access to your personal savings account.
You may be charged non-sufficient funds fees if an attempt to invest money fails due to insufficient funds.
Both Clover and Raiz use ETFs to construct portfolios, which we believe is the smartest way to invest. However, there are differences in the investment philosophy and how the portfolios are put together.
Because you are the owner of your investments, you have the flexibility to change to another adviser without selling your investments, or incurring any additional costs.
Raiz only allows in specie transfer "upon prior agreement with the Responsible Entity." You will responsible for transaction costs and any additional fees.*
*Read more in the PDS
DISCLAIMER: This document is for the exclusive use of the person to whom it is provided and must not be used or relied upon by any other person or persons. It may contain information or statements of fact that have been obtain from, and are based upon, sources Clover believes to be reliable, however no representation, warranty or undertaking is given or made in relation to the accuracy of the information therein. If any advice in this document relates to the acquisition or possible acquisition of a particular financial product, you should obtain a copy of and consider the product disclosure statement, prospectus or other relevant document for that financial product before making any decision. Save for any statutory liability that cannot be excluded, Clover accepts no liability whatsoever for any loss or damage of any kind caused by any error in, inaccuracy, or omission from, this document, or arising out of the use of all or part of these materials. This document is published for information purposes and is not to be construed as a solicitation or an offer to buy or sell securities or related financial products from any particular provider.
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