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Spark Gift — Give the gift of stocks and index funds to friends & family
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Replies
@dshan Yup, the gift is a normal security in an account, just easier to accept and own. It can start as a fractional share as you build it up. We help the recipient get set up, all online in a few minutes (no need for previous experience with stocks).
Interesting idea: anything that helps teach finance/investing to people at a younger age is a win.
But walk me through this: if I purchase $100 of stock am I charged a $2.95 fee PLUS a $4-9 fee for purchasing stock? Or just the former?
If just the former, what stops people from just purchasing through your platform to arbitrage against the fees charged by conventional platforms?
If the latter, isn't that an expensive way to teach the lesson (particularly once you tack on the 0.5% fee above $5k?
Spark Gift is a great idea with a super smart team behind it! Love the idea and the execution, way to go!
Hey Rob - Thanks for jumping in! We charge a gifting fee of $2.95. We charge no trading commissions. So if you give $50, $50 will be invested into your recipient's account. Customers can use our service to access lower trading commissions - we welcome it!
Helping customers create their brokerage account and then helping these customers grow their account is core to our product. We believe we are delivering value if we can help our customers grow a $50 gift into a $5k+ account using our tools. We charge 0.45% on accounts over $5k and our customers never pay commission fees. We hope you will try it out.
Hey Product Hunters, we’re excited to launch this one. Would be happy to answer any questions about the technology. We’re supporting fractional shares, so you can give a gift of as little as $20 of stock with just an email. It’s pretty cool, check it out!
@bobhaigler Love this idea. Do you help people choose which stock to give, or are we left to our own devices?
@bobhaigler @jhubball We offer individual stocks and high quality Vanguard ETFs. Once we get to know the gift recipient better, we will make recommendations based on their goals and timeframes
I know what I'm getting my nephews for their birthdays this year--never too early to start on the path to financial security ;) Great job!
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