Online investment management service, WealthSimple recently released a new product, the WealthSimple Gift Card. A product of giving to others to support loved ones in making financially sound investment decisions and to teach others about the power of compounding interest. Brilliant.
Why brilliant? Because psychologically…
- People want to be more responsible with their financial decisions. A large portion of the individuals either do not know how they should be investing their money or where they should be investing it.
- People find reasons to spend the money they make or invest it elsewhere. So cash they do not otherwise have from gifts is going to a very responsible place and will be appreciated over time versus over a short period. Receiving a gift card eases the anxiety of setting up a new bank account. So if someone already made the decision for you, you have no choice but to follow the money.
- Receiving a gift card eases the anxiety of setting up a new bank account. So if someone already made the decision for you, you have no choice but to follow the money.
WealthSimple’s target demographic includes people who probably know what it means to buy a gift card, however, probably do not know what it means to invest money and earn compounded interest over time. Through gift cards, someone can gift a minimum of $50 or more to anyone: a child to contribute to their long-term saving plan, a university graduate who is beginning to think of saving for their future seriously, newlyweds who probably spent too much on their wedding.
Not only are WealthSimple gift cards one of the few gifts you can give that will legitimately appreciate in value over time (depending on the performance of the investment portfolio), it is a way to kindly encourage responsible investments and introduce WealthSimple to a new audience.
WealthSimple is earning new clients through the WealthSimple Gift Card and creating new opportunities to earn loyal customers who are discovering the power of investment banking for the first time. The company has made incredible efforts to create a simple, secure and easy to use product to invest for one’s financial future, without the associated pressure of risk and return.
Wealthsimple is creating an open and inclusive way to not only share the gift of “responsible investing” but an opportunity to open the conversation about MONEY. So, what if everyone started talking openly about money? Share your thoughts in the comments!