Shaper: Paolo Galvani

Show aired on 22nd July 2017

Transcript

Paolo Galvani
Paolo Galvani is the co-founder of Moneyfarm, a digital wealth management company.

Born in Vicenza, in north-eastern Italy, Paolo went to the University of Padova where he studied Statistics and Economics. Following this, he worked in sales and trading at IMI Bank, then became Vice-President at Morgan Stanley; CEO of Sella Capital Management; and Managing Director of Deutsche Bank; before co-founding Prestiamoci, an Italian online peer-to-peer lending service.

In 2011, Paolo and Moneyfarm co-founder, Giovani Daprà, looked at the wealth management industry and saw a “huge opportunity”. They felt that the wealth management business model hadn’t changed for decades, and that nobody had thought to apply technology and simple UX (user experience design) to deliver a strong financial solution for the customer. They set about trying to build a business that incorporated both of these ideas. Moneyfarm was born. The company manages and advises on a range of investments, including Exchange Traded Funds, ISAs, and pensions, both online and via its investment app for iOS and Android.

Follow Paolo on Twitter @galvi.

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What does it mean in a nutshell? We are helping people to invest and protect their wealth in a more effective, independent and low cost way.

I really feel the need to enter something directly managed by myself in order to change things…

You are giving up a certain status, a certain recognition, a certain salary to try to implement something that you think is going to happen, but which will take a long time before proving to be right…

Technology has a way to disrupt and to change the tradition of the financial industry.

When you are waking up in the morning and you have twelve hours/thirteen hours of work, but you are not worried for that, you know that you are doing something that you like to do and you are really passionate about.

At the beginning you are just having the idea so people need to believe in you and what you are thinking without so many data points to demonstrate that what you are doing is correct.

London has been, and I would say it is still, the capital in start-ups from financial services. You can find the perfect home almost, you find the resource, the talent…

If it’s just for money, at least for me, it would be difficult to build something. There has to be something else that motivates you. That has always been the case for me.