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Profile: How Strawberry plans to shake up discretionary distribution
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by David Campbell on Jun 06, 2014 at 11:37
What has made Prydis Wealth stand out?
In an increasingly crowded field in the city, the company has stood out thanks to its local roots and full range of services. It boasts compound annual growth of 15% over the last two years, and is on course for annual income of £2.5 million this year, £850,000 generated by investment.
Its website (itself slicker than those of several national discretionary brands) boasts endorsements from regional royalty such as Cornish comedian Jethro and local business leaders such as the Brake brothers, founders of the eponymous international food distribution company.
The web-native confidence that flowed from being a young business headed by young directors was a significant catalyst in the birth
‘We look after a lot of owner-operators and part of that is that they like to have some control, and maybe have 10% of their money to play with and invest as they want, so we were looking for an in-house platform service.’
Rather than develop one from scratch, the company white-labelled the architecture behind Ascentric from owner Investment Funds Direct Limited (IFDL).
‘They then came to us [and said] they could see we were enthusiastic adopters and had ambitions, and suggested we try and do something direct-to-consumer,’ says Priday.
‘I suppose you could say we were stereotypically young and ignorant and we just thought “let’s have a go”. When [IFDL] came to us, they and we weren’t really thinking mass market or orphaned clients ,or anything like that.
‘[But] we wanted to make it appropriate for first-time investors. When people see some of these institutional names they can seem a bit unapproachable. And then when you get to the site, there is a lot to confuse people – screens filled with charts and lots of research and fund updates.
‘It really was just about me and a couple of mates plugging away at this at weekends and evenings for a couple of months.