Any experience with Selma Finance?

But this looks so much more complicated :slight_smile: (once you click on the “Monthly Activity Fee” section).

Thanks for your input!

I have never heard of Selma before except some not really professional looking ads on reddit. But it looks like it tries to do the same as truewealth.ch, just almost 50% more expensive? Has anybody compared these products?

Selma does also use Saxo bank as custodian bank like Truewealth does (but it looks like Truewealth now also offers Basellandschaftliche Kantonalbank as custodian).

Anyway, if you are intersted in learning finance basics and plan to invest a higher volume, it might be cheaper with IB.

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It may look difficult but it is actually not. Also it is very transparent which i really appreciate.

Let me try to formulate it a bit differently: there is a 10$ per month fee (3$ if you are younger than 25) but you get 10$ (or 3$) of free transactions and fees every month until you hit 100k.

And since the transactions on IB are so cheap you will most likely not pay a lot more than 10$ per month (I usually barely fill my 3$).

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seems like banks need to find new hip ways to sell their overpriced garbage to young retail investors.

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by the way if you want to have the latest laugh at fintech, read this:

https://www.reddit.com/r/wallstreetbets/comments/agovgl/only_invest_what_you_can_afford_to_lose_they_said/

tl;dr: the guy was able to build up 50 times leverage with his strategy, their risk management is super bad

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Ugh… I wish I could just transfer an $X amount monthly to selma or truewealth (which after searching on this forum seems just a tiny bit better than selma but not by much) and be done with it.

Okay, I’ll give it a few more days (weeks?) of reading and will see if things with IB & etc start making more sense.

Thank you everyone!

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Well let me help you by summarizing what you see there: best deal on the retail market. By far, compared to any swiss broker, and very competitive internationally.

There’s a minor technical complication if you haven’t yet made your first 100k, easily resolvable by e.g. going through captrader

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Hi there, As I am working at Selma, I thought I’d reply.

First, Selma is not a solution for you if you are a DIY-Investor and have already built up some knowledge and want to take time to do everything yourself… Selma is for people that don’t have the time or even the interest to invest by themselves, but who still understand that investing with a bank or keeping the money on the bank account might not be the smartest option out there. :wink:

So if you don’t want to create a portfolio yourself and if you don’t want to manage it, Selma is one option for you.

Often Selma is referred to a Robo-Advisor (an online service that uses algorithms to pick and trade your investments) but we are actually a bit more. Rather than just giving you portfolio option, Selma takes a look at your total wealth (loans, investment plans, savings, anything that influences your finances) situation in order to create a personalized portfolio. This portfolio gets continuously adjusted to changes in the market and also in your financial life. So we can keep the risk always in balance with your financial situation and goals.

DIY is of course definitely cheaper, but you have to be careful as your price depends on how often you trade, the frequency of transactions, etc. This is all included in Selma and you don’t have to think about it. As well as a tax statement, stamp duty and bank fees.

And yes, people usually have love-hate-relationships with emojis. Our clients usually love them, even though the age range is between 19 and 75 years old. What we want to do with it is to show that finance can be different and easier to understand than e.g. IB, or anything that just uses complicated lingo which makes you open Wikipedia 5 times while reading through one paragraph :slight_smile:

Hope I could make everything a bit more transparent!

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Hi all- just to chime in here, I made a full selma finance review a few weeks back. You can check it out of it interests you, I rated them pretty high from a customer expierence standpoint - apart from their use of the emojis lol.

They have recently introduced third pilar management, need to see how that compares to VIAC.
Cheers

0.68% yearly fee + 0.21% (avg. product TER), so 0.90%/year in total.

Not really interesting for us.

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you forgot to mention how much you get from them for each referral.

I find this influencer thing has a bit of a credibility issue.

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I wouldn’t class myself an influencer, and my reviews are independent on any referrals. You can read the a little more about that here.

I have started in January with investing and playing around with Selma and IB.
Just to mention that in 2021 you are charging for stamp duty.
Compared to IB the fees are high but when the service is pretty fine and your team is very helpful and friendly.
Fees are important but selma fees can be deducted from your yearly tax declaration…

But in the end the performance matters.
I will making a comparison between Selma and IB. I think we will see a result in 3 month.

Cheers Klaus

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Update: in 2021 0.55 %when you invest 50000.
0.47% when have invested 150000. And 3a pays into this amount as well…

It’s still 0.68% of management fee below 50k.
Plus 0.22% average TER so in total:
0.90% below 50k
0.77% between 50 and 150k
0.69% above 150k

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@thepoorswiss also wrote a review:

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You’re right. I forgot TER…

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Thanks for your reply. I tried the introductory bot interface about a year ago and I really liked it. What I really appreciated was that I could try it without registering and could see how it works. You have pretty much nailed it for your target market.

FWIW I didn’t become a customer because I already had portfolios here and there and l’m more the indy/DIY investor type. I still appreciate what you have done.

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I started with Selma and still use it for some short to medium goals because volatility is low. Also the staff is very nice.

It’s really set and forget and if this enables you to start investing and keep doing it, go for it. The DIY investment approach is not for everyone.

I’ve recommended it to friends and they are generally pleased with it. (DM me for a referral code.) If you have more than 8500, TrueWealth is certainly cheaper.

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Hey, very late reply (I am rarely online on here). But thanks for your kind words. That’s our main goal to make investing approachable for everyone.

Of course, DIY will always be the cheapest solution out there. But for the majority of Swiss (which might not be on this forum ;)) I am very confident that we build a great long-term solution!