How to Reinvent Wealth Management for Everyday Investors with Nandini Joshi, COO of StashAway

in this episode ink>3ink> Payments Powerhouses, we have the pleasure of inviting Nandini Joshin, COO of StashAway, to discuss how to navigate a market crisis and how to build skills that are universal across industries. We will also discuss StashAway’s upcoming product expansion plans and Nandini’s valuable advice for emerging female leaders.

Nandini Joshi is the COO of StashAway, a digital wealth management platform. She started her career as a technology engineer and then moved into industries such as luxury fashion, beauty and fintech.

Nandini, welcome to Payments Powerhouses. You have traveled to many countries and accumulated rich experience in many industries. Did you have this career path in mind when you first started your career? What challenges did you encounter during the process of changing industries?

Nandini: My career has not been strictly planned, but I have been committed to learning and growing with a desire for new skills and mastering every new skill that attracted me. Starting in the field of technology is both my professional and interest, and then I have the opportunity to get involved in more industries while expanding my skills. Over the years, I have built a set of universal skills that are applicable to all walks of life, which has become my "magic weapon" for entering the fintech industry.

Regarding the challenges faced by cross-industry, I have a few experiences to share with you. The first is customer-centricity. Insight into customer needs and thinking from the perspective of customers are the core elements of success in different industries.

Second, unit economics are also important. Many people tend to pay less attention to the unit economics of their company or industry during their career development. Grasping this point can create more space for personal career development.

In addition, a lot of thanks to the partners who have given me trust and support when I tried to break professional boundaries. Maintaining an open and diverse network of contacts and meeting outstanding talents from all walks of life has also been very helpful for my successful transition. Of course, luck is also important, but overall, I am brave enough to embrace every opportunity, whether it means comfort or challenge, I am willing to try.

Next, please briefly introduce StashAway.

I am very happy. StashAway is the work platform I dreamed of in my 20s, and I am also very fortunate to have successfully joined the company in my 30s.

StashAway is a digital wealth management platform that breaks the traditional model of wealth accumulation. In the past, people often relied on banks and their asset management services to accumulate wealth, but in Asia, insurance products have become an important way to accumulate wealth.

StashAway draws on advanced technology to provide customers with private banking-level wealth management services. We focus on helping customers manage long-term wealth and retirement savings. Unlike the traditional face-to-face product sales model, StashAway pays attention to each customer's risk tolerance and provides customized digital investment portfolios based on their different investment horizons, breaking the lock-in periods and high thresholds faced by retail investors in the past. StashAway has no minimum investment amount or fund lock-in period, which means that customers can start planning their financial management and embark on a wealth appreciation journey from the first $100 they earn.

I noticed that you joined StashAway before the epidemic. So, how did your personal experience differ before, during, and after the epidemic? What changes or characteristics have you observed in StashAway and its customer base?

In the process of transitioning from the health and beauty industry to the fintech field, I have gained a lot of life experience and accumulated valuable professional wealth. I have faced challenges not only from my own learning curve, but also from the market due to the pandemic.

Today, we are in the middle of a bear market cycle, the fourth in my career, but the first for many. At such a critical moment, our priority is to understand the emotions of our customers while remaining rational and guiding them to make the best decisions in their long-term interests. Our customers trust us with solutions that will stand the test of time.

In addition, sticking to the established path is the best way to achieve your goals. StashAway focuses on helping customers realize this and reminding them that similar market fluctuations have happened in the past. Those who have experienced market fluctuations and finally persevered often lay a solid foundation for their wealth.

For me, this is a valuable learning opportunity to transform my deep interest in investment and finance into a tangible product and deliver it to end users, which has benefited me a lot.

Although market fluctuations have put pressure on many people, our resilience in growth during and after the turmoil, as well as many successful cases of working with customers to overcome difficulties, prove that we have the ability to guide customers through the initial impact of market fluctuations.

Looking ahead, does StashAway have plans to expand into new markets and launch new products?

For existing markets, we want to ensure that we deliver on our promises to our customers. Of course, we will continue to gain insights into different customer groups and their needs.

Last year, we launched StashAway Reserve for qualified investors, which once again demonstrated our original intention to help investors identify and remove investment barriers. Given that private markets are an important investment asset class, we will stick to our original intention and strive to lower the entry barrier so that more people can have the opportunity to participate.

Last year, we successfully launched Flexible Portfolios. We are currently deepening our learning and understanding of this type of product, and constantly iterating and optimizing it so that we can promote it to more countries and regions in the future.

As the current bear market continues, we are also constantly exploring more user needs and are committed to meeting these needs to ensure the long-term wealth security of our customers. You can expect to see our new achievements in the next few months.

Can you tell us more about Flexible Portfolios?

StashAway originally focused on managed portfolios as its core product, and this classic product is still our flagship product today. Customers can easily start their investment journey by simply determining their risk tolerance. But we often receive feedback, such as "I like this portfolio, but I want to adjust it a little bit", "I want to add some investments" or "I want to remove some". Some customers also said: "I don't want to switch to other platforms, I hope to complete all investments on one platform."

Therefore, based on this feedback, we launched Flexible Portfolios, which allows customers to have more freedom in asset allocation. They can choose from preset investment versions or customize their own portfolios. In this process, we will help customers consider the problem from multiple angles. During the process of creating a portfolio, we will re-evaluate their risk tolerance level to ensure that the recommended portfolio matches the customer's risk profile. If customers want to adjust their portfolios, we will tell them how to reduce their risks.

Although Flexible Portfolios give customers greater autonomy and control, they are not completely left to their own devices. We still focus on adding value to customers' decisions through professional advice, especially emphasizing full understanding of investment risks and providing corresponding guidance and education.

What role does artificial intelligence play in StashAway's technology?

Artificial intelligence is a broad topic. As we strive to reach different customer groups and provide more personalized services to individual investors, the role of data analysis becomes more and more important. In this context, we are constantly exploring the fields of artificial intelligence and machine learning to further improve our products and services.

Given that your job at StashAway requires you to keep a close eye on the market and investment dynamics, do your friends and family think of you as the first person to go to for financial advice?

Yes, and more and more people think so. They know that I don't come from the traditional financial industry and won't ask me which stock to buy or not buy tomorrow, but they will ask me for advice on major decisions. People often ask me how to grasp the market timing questions, such as "Should I add to my investment now?" And I always give the same advice: Don't try to control market trends. If you have extra cash, don't let it sit in your bank account.

Last question: On the occasion of International Women's Day, what good advice can you share with emerging female leaders?

I don't know if I am qualified to give advice to others, but for me, a very useful piece of advice is - don't be afraid to take moderate risks.

When women see a job posting, they often think "Do I fully meet the requirements?" before deciding whether to submit a resume. In the workplace, similar situations may occur when competing for a project. After a lot of research, I found that men usually think: "I know 30% of it, so I'll try it."

So my advice, or the strategy that works for me, is to take risks and say to yourself "Yes, I'm going to take this risk." If you are not willing to take some risks yourself, it will be difficult to help others break through themselves. Taking risks means stepping out of your comfort zone, doing things that make you comfortable with risks, and being with people who can provide you with a sense of security, which is crucial to success. A person's success is inseparable from the support and help of those around him.

"Payments Powerhouses" is a monthly feature series focusing on interviewing leaders in the payment and fintech fields in Southeast Asia and around the world.