I would watch out for Stake entering than Superhero. The governance at Superhero is a joke, there is no mechanism to get your money back if something happens in the platform. 

There is certainly a lot of competition coming from startups, such as Superhero and Stake also about to enter the market.  

However, the big 4 banks have about 70% of the retail market share. 

I believe there is room for Selfwealth, Superhero, and Stake, as there is plenty of market share to take off the big 4.    

I do not see Superhero as a significant threat, and Stake have not outlined what their product offering will be.   

Q4 results will be critical -  Web traffic rankings are falling for stockbroking websites, but this doesn't necessarily mean trades are falling - we will find out in a few weeks time.    I note Crypto echange web traffic has exploded this calendar year - If Selfwealth can provide a crypto exchange, which would be attractive to their millenial customers, this will be a good product differentiator compare dto the big 4 and the other disruptors.........Will be interested to see if it is on their upcoming product roadmap. 

Roger all that. Comments are fair around the CHESS part being the point of difference, am just now wondering whether millenials will read the fine print/ or whether they will care.

I found this:

1.4       Omnibus Account

You consent to, and acknowledge and agree that any Financial Products held on your behalf by Superhero Nominees will be held in an omnibus account, meaning that your Financial Products will be co-mingled in a common pool with other financial products held by Superhero Nominees on behalf of other members in the manner prescribed in, and in accordance with, the Corporations Act, Corporations Regulations, and ASIC Regulatory Guide 133 (Omnibus Account).

2           Cash held on your behalf

You consent to, and acknowledge and agree that, Superhero Nominees:

(a)        is under no obligation to pay interest on cash it holds on your behalf; and

(b)        will be entitled to, and will retain, any interest which accrues on any cash balances held on your behalf in the Omnibus Account.

And this:

4.2       Omnibus account

In accordance with the Nominee Terms, you acknowledge and agree that:

(a)        any cash balances in your Superhero Account will be held in the name of Superhero Nominees in an omnibus account with an authorised deposit-taking institution (ADI);

(b)        we may co-mingle any cash balances held in your Superhero Account with cash balances held in any other Superhero Account; and

(c)        Superhero Nominees will be entitled to, and will retain, any interest which the ADI pays to Superhero Nominees in respect of any cash balances in your Superhero Account

To play devils advocate a bit here, I am not a lawyer, but that (while a new way of doing things) seems to be above board? They made the move to hold everything in one account to save on costs. Yes, they make money off interest of your cash deposits, but (correct me if I am wrong), I thought that was also one of Selfwealth's revenue streams? If you wanted to, you could just deposit what money you wanted for shares and not hold any cash and that way avoid any loss of interest.