Acorns Australia? Anyone heard of them? - Aussie Stock Forums

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  1. #1

    Default Acorns Australia? Anyone heard of them?

    Hey ya'll,

    My cousin was asking me about my opinion on this firm Acorn.


    Any one heard of them? Apparently they take your change from purchases, round it up and invest it into portfolios.

    Any feedback would be appreciated.

  2. #2

    Default Re: Acorns Australia? Anyone heard of them?

    Their software accumulates $5 in round ups and then deducts that amount from your bank account so it is like having a fixed deduction of $5 anyway. Also they know where you shop, what you buy and who you bank with. One would have to have serious saving problems to resort to this fad.
    Never let anyone dictate your life path.

  3. #3

    Default Re: Acorns Australia? Anyone heard of them?

    Thanks wysi, I guess that answers his question haha

  4. #4

    Default Re: Acorns Australia? Anyone heard of them?

    Some info:

    They invest your money into one of 5 pre-determined portfolios of ETFs based on your risk profile.

    There is no minimum investment. You can add to your portfolio when and how you want, i.e. daily/weekly/monthly or ad-hoc contributions of any amount above $5. You can link the app to your bank account and set a 'round-up' where they will round up every transaction you make to the nearest dollar and invest the difference.

    There are no transaction fees. They charge $15 per year for accounts under $5,000 and 0.275% per annum for accounts over $5,000.

    They operate under an AFSL and I'd be surprised if they would on-sell your transaction details. They are partially owned by Instreet. They have a section on privacy and security on their website:

    Simply put, we do not and will not sell or rent your personal information to anyone, for any reason, at any time."

  5. #5

    Default Re: Acorns Australia? Anyone heard of them?

    Thanks Junior, thats informative. I passed on the info to my cousin.

  6. #6

    Default Re: Acorns Australia? Anyone heard of them?

    I'd ask for past historical performance (whatever they have - seems new), as a fund under AFSL I think they are obliged to provide it. Simply having a chart of "how much you could make" is not very professionally convincing. They also tack on logos of CNBC & Forbes as though they've been featured. I learnt that in online marketing designed to sell $29 ebooks.

    Ask them to detail their mention of the Nobel prize winner involvement, as it sounds like they simply adopted his theory without any of his involvement in it - yet they are writing under the impression they have ("with help from the Nobel Prize winning economist"). I could start a fund and simply read a book on Buffet & Soros, adopt a rule or two and advertise "with help from the billionaire investors Warren Buffet and George Soros". They obviously chose a lesser known guy (who happened to win Nobel prize - so he must be a good investor ??) so people can't do research on whether he's actually involved in the fund or not.

    Keep in mind they are also the broker - often not a good idea to have your broker also as the manager of your funds.

    Genuinely interested to hear their responses - if your cousin does ask them these questions do post their replies here.

  7. #7

    Default Re: Acorns Australia? Anyone heard of them?

    There is a pretty long thread on Whirlpool if you want to have a look. Just google "whirlpool acorns". They have been around the US for a little while and they do have some historical data. From memory they have under performed the indices quite often.

    In my opinion the 15 dollar fee is quite a lot in terms of percentage for small holdings. The new breed of fintech companies is exciting though. Personally, I have a small holding in P2P lending and I'm really happy with the return so far. Each month I add a little bit to it so I can limit my exposure to any one borrower.

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