“You can have any colour you want, so long as it’s Black”.

One size does not fit all.

Josh Persky, Founder and CEO of Briefcase.

“The world as we have created it is a process of our thinking. It cannot be changed without changing our thinking.” - Albert Einstein

When we started Briefcase in December 2022, it was in recognition of the fact that personalisation has become ubiquitous.  Services such as Spotify have enabled users to consume music & streaming content in precisely the way they like, generating playlists unique to every individual.  Apps on our smart phones have transformed common hardware into a personal assistant.  Yet the wealth management industry, for all its sophistication, has generally required investors and their advisors to do the best with what is available.  Pooled funds may have brought access to the masses, but what you see is what you get.

As a veteran of the industry, it’s been my distinct privilege to manage peoples’ wealth. Yet in the countless conversations I’ve had with financial advisers and clients of almost every type, a common theme has repeatedly emerged:

“Josh, we love what you & your team have built, but my clients want something bespoke”.

Now, ‘bespoke’ means different things to different people.

To one investor, bespoke might mean not doubling upon an exposure they hold somewhere else – (think of the smart investor who bought CSL at IPO in 1994, yet is advised to buy an Australian equity fund that already holds it).  

For others, it could mean implementing a personal ESG screen that differs from an ETF issuer or active fund manager (I’m sure we all know a few of those). In either case, bespoke investment outcomes have remained the privilege of the institutional investor and the very wealthy.

Moreover, the modern, professional financial adviser will almost certainly have spent years and an enormous amount of effort developing the expertise to understand the needs of their clients; be it their retirements goals, cash flow requirements, family dynamics, personal values, estate planning & structuring.  Yet curiously, when it comes to investing client assets, their options for customisation are arguably very limited.

It’s 2023 - every investor deserves what they want.

Technology employed in financial markets has evolved enormously over the recent past. From the advent of the Bloomberg terminal in supporting investment managers accessing and processing data, to administration platforms making the trading and custody of assets far more straight-forward, the way we interact with financial markets has been transformed for the better.

The investment process is also more efficient than it once was. We have seen enormous growth in the Exchange Traded Fund (ETF) market both locally and abroad, as a variety of investor types have recognised that ETFs are a great way to access broad market returns in an affordable and transparent way.

The general promise from ETF issuers has been ‘democratisation of investing’ which, to some extent, is true.

Almost every investor with a brokerage account & an internet connection can get access to almost any market, asset class & investment style they desire.

And yet, should that same investor wish to change the composition of an ETF in any way, shape or form, they can’t. Be they a young professional excited about their first foray into financial markets or a large superannuation fund looking to implement a short-term, tactical asset allocation trade, the ETF is what it is. So, while every investor may well be different, the way they want to access the market & build portfolios unique to themselves, isn’t on offer.

So much for democratisation.

Enter Briefcase Custom Portfolios 

Whilst the Exchange Traded Fund certainly has provided market access for more investors (and we at Briefcase are certainly proponents & users of ETFs in certain circumstances), they aren’t (and can’t be) all things to all people.

We believe that the true democratisation of investing isn’t product driven (like an ETF) at all, but rather will come in a similar way that Amazon changed shopping, Netflix changed streaming & Spotify changed music – via technology.

Our vision is to supply institutional-grade portfolio construction and management technology, whilst accommodating the unique requirements of every investor via their financial advisor.  A tool, if you like, to facilitate the building of portfolios away from a ‘one size fits all’ approach to ‘one size fits one’.

With over 60 years of collective investment management experience spanning New York, London, Asia & Australia, we are acutely aware of the constraints that every financial adviser, family office, charitable foundation & endowment faces in the 21st century. How best to meet each investor’s unique investment demands in a scalable, compliant, and realistic way.

Our mission is to empower investors through technology - giving advisors the tools & expertise to deliver on something their clients expect & have been demanding for some time.

We look forward to sharing this exciting and ground-breaking journey with you.

Like to learn more? Visit www.briefcase.au or email enquiries@briefcase.au for further information.

Briefcase Pty Ltd (AFSL Number 546257) does not warrant the accuracy, completeness, or correctness of any information herein.