Important Membership Announcement
Around three years ago I had the idea of a building a service and business with one simple goal: to help people.
So far, through our resources on financial education, news, research, podcasts and videos, I'm delighted to say Rask's content has reached well over half a million people.
As you read this, our analytics tell us it's likely there will be between 2 and 50 people making use our free resources to inform themselves and ultimately get in control of their financial destiny.
And I'd like to think that at least every second day we'll get a piece a feedback like this:
"I really respect what you’re doing and just wanted to share how you have had such an impact on myself, perhaps in inadvertent ways, and thank you for the effort you’ve put in providing these resources."
"I just wanted to thank you for the information/website/podcasts etc. that you provide - you have given me the tools and info to start investing
I'm 45 years young and bought my first shares today!"
"I really appreciate the time you’ve taken to help those of us with very little knowledge on the big world of finance aaaaaaaand putting it in terms that a layman like me can understand! Grateful "
But I don't need to tell you about our impact on the community, do I? You, our loyal Rask Invest members, have played the biggest part in making all of these things possible.
By choosing to support us -- and not one of the big players -- you've helped us help you and many more people who can't afford to see a financial planner, can't talk to their partner about money, or haven't been confident to speak to a professional who only wants to take a fee.
The Bad News.
About a week ago, we received some devasting news behind the scenes here at Rask. We found out that we were unable to source professional indemnity insurance to cover the financial services licence under which we operate. You wouldn't have noticed it. We didn't think it was a huge deal. But insurance brokers have told us it's the 'worst insurance market in 20 years'.
I've since put it down to a few things including the effects of the Royal Commission and ASIC's push to clamp down on shonky 'general financial advice providers'. It's also harder for small businesses, like ours, which don't have the resources to employ lawyers or compliance experts. For context, we had to pay our lawyers $490 per hour to read over Rask Invest -- twice! -- and that was cheap!
For us, the reality is that without the proper insurance, financial advice businesses like ours simply cannot exist -- legally.
If only instead of giving unbiased, unconflicted money and general investing information we were giving advice on property -- the biggest financial asset in most people's lives.
At least in property there are no licences needed to give advice...
In truth, I know that complaining or shaking my fist at the clouds won't make a difference. But if you've ever wondered why no-one in finance can help you by answering simple questions, you do now.
Ultimately, all you need to know is that we are voluntarily suspending Rask Invest, and many other parts of the free services we provide, until we can sort out our insurance.
To be clear, we have never -- ever -- fielded a genuine complaint, been taken to court, or anything of the sort, for the services we provide.
What does this mean?
In the next 24-36 hours we will be suspending Rask Invest and pausing your membership. You will no longer have access to our members-only platform, share/ETF research or associated services.
My mission is to get Rask's licensing/insurances sorted as soon as possible. Your membership will be extended for every day we've paused your membership. Meaning, you will not be charged and your membership will have any extra days automatically added onto your membership.
I wanted to give you, our loyal members, at least some notice of the suspension because if you want to go read or save any of our other information you still can. Most modern web browsers have 'add-on' features which allow you to save information in PDF, html or image format.
Most of the Rask Finance website will be still be accessible. For example most of our podcasts and videos will be online.
Rask Media and Best ETFs will change significantly, as we do our best to ensure we're not providing "general advice/information" on "financial products" of any kind during this time.
To be clear: I expect your Rask Invest membership to be up and running again soon, once we confirm we have the required insurance in place.
To be given such a tight timeline to work with has meant that it could take some time (maybe a week or two) before we know for certain when we'll be back online and what, if any, changes we'll need to make. Therefore, we'll keep you, our members, updated with a weekly email to let you know what's happening.
I'll end this by touching on how devasting it is to have to deliver this information to you. Over the years we've only ever done our best to ensure we're helping people, and I believe we have done just that, and we were just beginning to gather steam.
Thank you again for your ongoing support. It means a lot to my wife and I, and all of the team at Rask.
P.S. my advice now is to go and find any Rask Invest content you want to read or save.
Will the events & workshops still go ahead?
Yes, absolutely! We'll see you in Melbourne, Sydney & Brisbane.