Double is winding down

原始链接: https://double.finance/blog/wind_down

Double, a registered investment advisor with the SEC, is legally obligated to provide investment advice in your best interest. However, information on their public platform (double.finance) is for educational purposes only and not tailored financial advice. It's not a solicitation to buy or sell securities. Remember, investing involves risk, and your investments may fluctuate in value. Any forward-looking statements are not guarantees of future performance, and actual results may vary. Data is current as of July/September 2024. Tax loss harvesting availability depends on portfolio diversity. Calculators are illustrative only, not financial advice, and use hypothetical data. Double doesn't guarantee investment results. Review your objectives and the risks of underlying securities before investing. There's a minimum $1,000 account requirement, and some strategies may require more. Double doesn't offer tax or legal advice and services are only for US residents. Tax savings will vary by client. See Double Finance Form ADV Part IIA for more information.

Double, a startup offering personalized direct indexing, is shutting down due to a lack of demand and competition from established firms. The company allowed users to own fractional shares of an index, aiming for tax optimization through loss harvesting. However, customers found the product only marginally better than traditional ETFs and questioned the risk of trusting a startup with their assets. Concerns were raised about the potential tax implications of liquidating fractional shares during account transfers. Commenters speculate the product didn't offer enough unique value to justify the risk and effort of switching from existing brokerage accounts. Some suggest the business model might be better suited as a feature within a larger financial institution. Several users are moving their funds to Frec, a similar service, and Double is open-sourcing its optimization engine. The closure highlights the challenges startups face in the competitive financial services sector, emphasizing the importance of building trust and offering significantly better value than established alternatives.

原文

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¹ Data as of July 2024.

² Availability of tax loss harvesting depends on portfolio diversity.

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