The ‘Magnificent Seven’ and the Rise of Self-Directed Investing

Can you tell us a bit about your early career and how you got into financial services?

My route to this sector was somewhat indirect in that I started out as an economics teacher in Auckland, having done a BA in history at the University of Auckland. I left teaching in 1988 and aimed straight for financial markets, especially futures and options, which have always fascinated me. I was first the Education Manager of the New Zealand Futures & Options Exchange before becoming its General Manager in 1996, and then worked at the Sydney Futures Exchange to get a direct perspective on the Australian markets.

At this point I have specialised in capital markets for more than 35 years and worked in nearly every area, from exchange management to investment advisory management, surveillance and risk and compliance, operations, and governance. What has intrigued me in recent years are trading systems and methodologies, including online, exchange-traded equities and derivatives, equity options, index futures and options, and financial futures. Whether you want to work in the sector or simply invest, nothing is ever static and the learning curve is extraordinary, especially as the intersection between finance and tech has broadened and deepened in the 21st century.

What is Tiger Brokers NZ and what attracted you to the company?

Tiger Brokers is a NASDAQ-listed global company which was established in 2014. We’re an online brokerage firm that operates the Tiger Trade share trading platform providing people with access to the world’s stock markets. I joined in 2021 because the opportunity to be part of a dynamic company offering information and services to self-directed investors appealed to me. As Chief Strategy Officer I focus on accessing stock exchanges for investors, and on developing resources and educational tools for Kiwi who want to increase their knowledge and grow their wealth through self-directed investing.

I like the company’s focus on education. New products and vehicles emerge all the time – such as share trading apps, like that of Tiger Brokers’ Tiger Trade platform – that allow people to self-direct their investing. However, you cannot be a responsible provider if you are not setting people up to succeed by giving them the tools to learn about the services and understand their own risk appetite. You have to help people marry the degree of risk they are taking with the objectives they have for their investment activity.

One of my favourite elements of my job is leading the regular seminars we hold for investors and would-be investors because it’s highly current and interactive – you can correct misconceptions and make sure people are fully cognisant of everything new that is happening in the market and what it means for them. Investing is not a space where you want to just learn by doing, so we work hard to help protect people from avoidable mistakes, whichever platform or tool they might be using. As such we are unique in New Zealand, as we offer a demo (or paper) account where clients can learn how to use Tiger Trade and how markets work before investing.

Why do you think there has been a rise in interest in self-directed investing in New Zealand? And do you think individual investors are still actively participating in the market despite increasing uncertainties?