Stockspot Review Australia 2023: My Honest Thoughts ($268,000 Invested) • Robo Advisors Australia

[@raycorc]

Update March 2022: I've had to remove any discount codes because ASIC has recently come out to say this constitutes financial advice - I can't legally recommend a platform as I'm not a financial advisor, nor can I get any discount on my fees anymore (not that it's much money anyway). This goes for anyone basically online so keep that in mind when doing your own research.

[@emiliaarif]

Thank you so much Ray, this was really insightful and easy to digest! Glad I found your video and channel

[@raycorc]

Thanks for watching and glad you enjoyed it!

[@coast2coast4u]

Excellent - your channel is a hidden gem. Appreciate the pragmatic and honest overview

[@raycorc]

Thanks mate appreciate you watching Hopefully it doesn’t stay hidden for long haha

[@arzaindira]

Very well explained and you have mentioned practical problems of most common people so amazing video. Thank you. Also, I am your 70th like 😊👍

[@raycorc]

Ha thank you Indira, appreciate you checking out the video!

[@art_pharmacy]

Thank you- great video. Well done. Appreciate your transparency showing us your portfolio!

[@raycorc]

my pleasure, glad you liked it! thanks for watching

[@Kelvin555s]

Thanks a lot for taking time review on this. I just recently opened an account. I actually opened few accounts with few brokers as well, later found out people having issues with withdrawal of investment. I found it weird as better to keep in cash or fixed deposit rather investing and loosing all. The stockspot sounds very good, didn't find any bad review yet.

[@raycorc]

You’re welcome, thanks for checking the video out! Yeah some brokers are really weird about their rules. I’ve been super happy with Stockspot, they’re a good bunch of people

[@dominotheory7331]

Thanks for this I am with Stockspot as well , nowhere near your investment ATM but always good to hear an independent voice.

[@raycorc]

Appreciate it - Thanks for checking out the video!

[@sbiswas5431]

Your simplicity is amazing in today's world... i love to use you discount code. Is it still valid? Please do such analysis of other AI apps 🎉

[@rajparas]

Hey Ray, Thanks for the detailed & honest review. I recently signed up with Stockspot as well. So far, its been a bit up & down in terms of performance but hoping it will do better in the long term.

[@raycorc]

Thanks for checking out the video Ray, yeah lately I’m sure it would have been like that - generally you can expect short term turbulence and long term growth (depending on what you’ve chosen of course, not all go up - but check Stockspot’s website to see the longer term trends zoomed out)

[@rajparas]

@raycorc thanks mate. Will check it out. I am on the emerald plan, which is a growth category. Thinking about changing to Topaz to accelerate the growth. How has it been performing for you lately?

[@raycorc]

Been going average, but the whole market is like that so it is what it is. I’m investing long term so I don’t care too much, I have faith in it over long term. The recent 2 years have been very nice for everyone so the party had to stop eventually!

[@stanluo1025]

Thanks Ray! Subscribed

[@raycorc]

Thanks for checking out the video Stan, appreciate it!

[@GTLifts9999]

Thanks for sharing Ray. It would be nice if there was a portfolio rebalance option where dividends and contributions were directed to other asset asses rather than a sale (and CGT event) to rebalance. Chris Brycki is well respected and I love that Stickspot offer a "portfolio for your kids" option.

[@raycorc]

Thanks for watching Gareth, that makes a lot of sense - Have you asked them about this? I'd be interested to see what they say. Chris is a gun and I also love that they have the kids option. I will likely open a kids account for my son at some stage!

[@philpogson9883]

There is. It’s in the rebalancing options

[@raycorc]

@@philpogson9883 thanks Phil you’re right. For anyone else who was interested, you can’t do it on the app but on desktop you go to Portfolio settings > Rebalancing tab

[@Jay_Seeney]

Solid breakdown, might be a good option for a savings account :)

[@raycorc]

That’s pretty much how I use it to be honest, I don’t use a savings account anymore. I keep like a small amount for a rainy day and I’d rather leave as much as possible working for me And with Stockspot you can get your money out in ~5 days if there was ever a major emergency you would have that there

[@LimblePwns]

Thanks, just found your channel/video and this review was really informative! I enjoyed the unbiased presentation and factual accounts. I also had no idea some places control your assets, heightening the risks of exit scams and such! Cheers.

[@raycorc]

Thanks for checking the video out, appreciate it! Yeah having all the customers funds pooled together can save on costs but can potentially add risk too so something to consider!

[@dionetan48]

why did you choose stockspot over more wellknown investment platforms like vanguard?

[@staypositive480]

Hey there, love your work. A question that’s killing me is Does STOCKSPOT charges a lot of fee and how is it better or worse than RAIZ and SPACESHIP. Can you make a comparison video? PLEASE. Thanks

[@raycorc]

G’day Gaurav, thanks for checking out the video. Their fees are all on their respective websites, for me personally I don’t find their fees high for what I get out of it, but others might. That sounds like a great idea for a video will add it to the list!

[@Bakugo_videos]

Thanks Ray this was helpful really hard to find honest opinion these day's. Just wanna know one thing do they have annual meeting or conference sort of thing??

[@raycorc]

Glad you liked it, thanks for watching - not to my knowledge, although that sounds like a great idea!

[@EoinCuinn]

Thank you for the great review Ray, really appreciate it. Are you still invested with Stockspot, and does your opinion remain the same?

[@raycorc]

G’day Eoin, thanks for watching - yes I am, I can’t legally recommend them as I’m not qualified to, but yes I still have my Stockspot account 👍🏼

[@EoinCuinn]

@@raycorc Thank you, and completely understood. There has been a raft of changes lately in the whole financial landscape! I am investigating them as an option for both my SMSF and my personal investments

[@vanessawoo6980]

Thanks for your video review. I’ve been sitting on the fence whether I should open up an account. Can they help me invest for my children as a savings plan for the future?

[@raycorc]

Thanks for checking out the video Vanessa, yep they do have a kids account option which you can learn about here: www.stockspot.com.au/investingforkids/ The kids account has no Stockspot management fees until they have $10,000 in the account or they turn 18. I think regardless of which option you go with, if you don't invest there's no risk but also almost no return either aside from maybe 1% in a savings account

[@fesochiatulayo2834]

Thanks for the video. If I were to move out of Australia permanently, can I still operate and keep my portfolio with them? I'm new to investing).

[@raycorc]

Hi there, I believe you should be able to keep your portfolio but there may be tax implications if you don’t come back - the ATO and your Aussie accountant will know how to manage that as it happens all the time. If you move permanently to another country you’d become a tax resident there and other rules would apply I’d assume Here’s more info too: www.ato.gov.au/Individuals/Coming-to-Australia-or-going-overseas/Australians-living-overseas/

[@lachlanb6433]

Hey Ray, thanks for the video. Just for the sake of transparency, I’m curious do you receive any benefit from stockspot for this video such as discounted or rebated monthly fees? Cheers

[@raycorc]

G’day Lachlan, yep I mentioned it below in another comment - I get a discount on my Stockspot fees And to be clear, if Stockspot sucked I’d say so

[@gavinpayne4882]

Thanks Ray, do Stockspot tell you which individual ETFs they invest in (i.e. Vanguard VAS, Betashares A200)? Or do they keep that private?

[@raycorc]

G’day Gavin, yep they do - you can see that info here www.stockspot.com.au/what-are-etfs/our-chosen-etfs/

[@simple80ish]

Great video!. do you have to pay tax for capital gains every year or only when you take out money? Who works out the amount of tax? I would assume that is different to an investment bond where the fund is that one that pays the tax every year?.

[@raycorc]

G’day Silvia, thanks for watching. Stockspot will provide end of financial year documents you give to your accountant with all those numbers. You only pay tax if you made a gain and sell, and for any things like dividend income from the shares with your ETFs

[@jaqzh5300]

Do you invest a lump sum at beginning, may I please ask?

[@raycorc]

G’day Jack, to reduce risk most people spread out their deposits over multiple weeks, it’s called Dollar Cost Averaging (Google it) Mainly because you might invest a big lump sum, then the market could go down a lot and you had unlucky timing. So many people prefer to put some money in multiple deposits to spread it out

[@raycorc]

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