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XSpot Wealth: Democratising wealth management | World Finance - YouTube
Channel: World Finance Videos
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World Finance: In 2014, two investment professionals
created XSpot Wealth, a wealth management
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business at the intersection of flexibility,
transparency, technology and fees.
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One of those men is Dimitris Kantzelis, who
joins me down the line; Dimitris, why did
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you create XSpot Wealth?
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Dimitris Kantzelis: Well Paul, it was a period
of rapid regulatory changes in Europe, with
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MiFID I and MiFID II coming into place.
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And we knew that if Europe decided to push
for those changes, big banks and traditional
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wealth management providers wouldn't have
any other option than increasing their fees;
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making it almost impossible for smaller clients
– clients with less than €1m in their
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accounts – to make money in the long term.
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At the same time, we had a going momentum
of millennials: people who wanted to start
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with very low amounts, less than €10,000
possible, and they were seeking digital, robust
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services for an early retirement.
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So, XSpot Wealth was built exactly for this:
to help people of every level of income, taking
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ownership of their financial future.
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World Finance: So how do you actually achieve
that?
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How does XSpot innovate in order to deliver
on that promise?
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Dimitris Kantzelis: The key for us was the
use of smart technology.
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We knew that big banks and traditional wealth
managers, they were doing everything manually.
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Whereas on the other hand, us: we were already
using artificial intelligence and trading
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algorithms when working.
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So we knew that if we apply some of those
rules, we could democratise investing, making
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it available for everyone.
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So, this required big investments in technology,
long hours of programming, and filtrating
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investment strategies in order to bring these
investment plans, making them available to
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everyone.
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Offering great flexibility, big transparency,
and some of the lowest fees in the market.
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World Finance: Why would someone choose XSpot
Wealth over another wealth manager or bank?
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Dimitris Kantzelis: Well I would say everything,
but this could be summarised down to five
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key points.
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Convenience: it's so easy to open an account
with us, it takes less than 30 minutes, and
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even if you have a question our excellent
support team is there to help you.
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Transparency: we're fully transparent in the
entire process, showing every bit of detail
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someone needs to know before opening the account,
but also throughout the entire process.
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Diversification: we give a very big variety
of investment plans, matching almost every
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investment and risk profile.
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This is great and we let someone choose among
those.
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Low cost: because we believe that with low
costs we help you boost your investments and
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grow your account even more in the
long-term.
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And, flexibility: flexibility in changing
the plans whenever you feel like, or taking
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money out, because we don't enforce high or
hidden fees in our accounts.
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World Finance: So looking ahead, what are
your plans for the coming year?
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Dimitris Kantzelis: Yes, after the COVID year
2020 being a bit turbulent – but we had
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great results in all our investment profiles,
which makes us really happy.
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Our next target for 2021 is to enter another
two European countries, reach the first target
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of 10,000 clients.
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And from there onwards jump to the second
target, which is 100,000 clients and €1bn
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assets under management.
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Then it would be natural to expand outside
Europe and the Middle East, towards Asia and
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the US.
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Thanks for watching.
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Learn more at xspotwealth.com.
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