Since 2012, SelfWealth has been on a mission to disrupt the Australian broker industry. We’re proud to have gained the trust of thousands of investors and traders while becoming Australia’s fastest-growing retail share trading platform.
We’d like to think we owe a large part of our success to our openness and transparency. That’s why, amid a rise in queries across the Australian broker industry relating to investing safety and security, we’re here to clarify some of the most-pressing matters where investors deserve clarity.
We want to ensure that you can invest through the SelfWealth online share trading platform with the highest level of confidence.
With SelfWealth, the shares you buy are really yours.
Here at SelfWealth, we offer our members CHESS Sponsored share trading. It is one of the key features of our trading accounts that we pride ourselves on.
If your broker is CHESS Sponsored (as SelfWealth are), all records are held by the ASX. We designate you a Holder Identification Number (HIN), which is your unique client-broker identification tag. Any shares that you buy through your SelfWealth trading account are attached to this HIN.
Trading with a HIN provides the simplest way to ownership, as the shares you buy are held in your name on the CHESS registry — they aren’t held on behalf of you by another entity. You simply are using SelfWealth as a platform to trade your shares; we don’t own them on your behalf. A HIN typically makes it easier to bring your shares to SelfWealth when you switch broker or transfer some of your existing holdings from another brokerage account.
Your funds are safe, secure and backed by the government guarantee.
Funds deposited into your SelfWealth trading cash account are kept in a trust in SelfWealth’s name as bare trustee, with clients designated as the beneficiary. Money is physically held by ANZ, not SelfWealth.
Due to the structure of the cash account, neither SelfWealth nor other third parties such as administrators would ever have access to your money, unless a specific direction is provided by you, the client.
This also means that SelfWealth does not lend out clients cash, nor your shares, for that matter. We do earn interest on your funds, which is what allows SelfWealth to offer our award-winning low-cost flat-free brokerage as well as CHESS sponsorship. In the past, in high-interest rate environments, we have paid out interest to clients.
ASIC regulates the trust account and it cannot be used for any corporate purpose, even in the event SelfWealth were to enter administration or the like.
Furthermore, your funds are covered by the Australian Government-backed deposit guarantee under the Financial Claims Scheme. This scheme guarantee deposits up to $250,000 per individual per Authorised Deposit-Taking Institution (ADIs), which includes your SelfWealth trading cash account.
In the highly unlikely event that ANZ were facing bankruptcy, funds up to this amount would be guaranteed by the scheme and would cover your loss by repaying your funds. For joint accounts, each individual is entitled to a guarantee per ADI, so for two holders of an account, the combined coverage would total $500,000.
For further details on the Financial Claims Scheme and the government guarantee, you can read more on the APRA website.
SelfWealth is a share trading platform with a public track record.
Since 2017, SelfWealth has been trading as a publicly-listed company on the ASX. As part of our listing status, we are required to meet ongoing reporting and regulatory commitments in accordance with corporate governance, listing rules and legal requirements.
We do not act as a representative of any other licensee in relation to the services we provide our clients. SelfWealth holds an Australian Financial Services Licence (No. 421789) and we are licensed under the Corporations Act to provide general financial product advice in relation to certain financial products and arrange for dealing in certain financial products.
SelfWealth’s financial accounts are audited and published. We also release quarterly Appendix 4C and activities reports. These interim reports provide the public with details of SelfWealth’s operational activities across the prior quarter and insights into our financial position. In addition, we maintain the requisite meetings for SelfWealth shareholders to attend, using these forums as an opportunity to field queries on the business.
All of this means, not only do you, our members, have access to see how SelfWealth is performing, but the wider investment community also scrutinises our performance each and every trading day.
SelfWealth offers two-factor authentication for enhanced security on your account.
We realise that our members place high importance on the security of their SelfWealth trading accounts.
That’s why, last year we introduced two-factor authentication (2FA), an extra layer of security for your SelfWealth account designed to ensure that you’re the only person with access.
In addition to your standard login details, 2FA security requires you to enter a code from an authenticator app in order to access your account.
Whereas some providers might use SMS to deliver two-factor authentication, SMS is not a safe and secure method to authenticate an account holder. Instead, app authentication is seen as a more secure method.
Read our guide on how to activate 2FA on your SelfWealth trading account.
We personally share a commitment to low-cost brokerage.
Right from the beginning of our journey, we have always believed the future of share trading in Australia involves providing maximum value to our clients.
We were first to introduce a flat-fee CHESS Sponsored brokerage model. We followed this up with Australia’s first percentage-fee-free non-custodial Adviser platform. More recently, we listed our first ETF on the ASX, and soon we’ll be extending our brokerage platform to US share trading and a new mobile app.
Many of our staff are personally invested in the company and we’re thrilled about the trajectory of the SelfWealth business. Our commitment to low-cost brokerage and delivering a safe and secure online share trading platform is a core value that we look forward to expanding over the coming months.
If you have any questions, please don’t hesitate to contact us via firstname.lastname@example.org or on live chat during trading hours.
If you have some questions in regards to investing in SelfWealth (ASX: SWF), you can contact email@example.com.
SelfWealth Ltd ACN 52 154 324 428 (“SelfWealth”) (Australian Financial Services Licence Number 421789). The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Taxation, legal and other matters referred to on this website are of a general nature only and should not be relied upon in place of appropriate professional advice.