SEAL BEACH, Calif., March 6, 2012 /PRNewswire/ -- Matthew Nunez, Director of Business Development at SaveDaily, Inc. (OTCBB: SAVY), a leading provider of low cost mutual fund investing platforms used by financial institutions, announced that the company is now enabling banks to profitably service virtually any customer, regardless of account size.
"Because of the costs associated with maintaining customer accounts – including recordkeeping, tax reporting, and customer service – banks that rely on traditional technologies are struggling," said Nunez. Citing a recent Bloomberg article in which JPMorgan discussed the challenge of making a profit on customers who have under $100,000, Nunez said. "In stark contrast, our bank clients are now successfully servicing a much broader range of investors, not just the affluent."
According to Nunez, SaveDaily is already partnering with banking institutions such as BNY Mellon and US Bank. "We are today addressing the needs of the mass market in a way that benefits the customer and helps the banks make a profit," he said. "As a result of our drastically lower costs, we are enabling people from all walks of life to invest in professionally managed funds and enjoy the same tax benefits as the very wealthy."
SaveDaily provides ultra low-cost access to over 13,000 mutual funds, with no minimum deposit or minimum balance requirements. One key ingredient of the SaveDaily system is its omnibus recordkeeping capabilities. However, unlike other discount brokers that offer fractional ownership, SaveDaily does not deal in individual equities. "We trade only mutual funds, and for good reason," said Nunez. "It is an unfortunate fact that a large percentage of those who try on their own to invest in stocks will, in the end, lose their money. At SaveDaily, we believe that the best way to help these people succeed as investors is to provide them with a vast selection of professionally managed funds – funds that are run by experts who have their ears to the ground, day in and day out."
Nunez sees drastic changes ahead for the banking industry. "Because of the ubiquity of the internet," he said, "banks that don't find ways to become engaging and beneficial to the end user will be out of business."
About SaveDaily, Inc.
SaveDaily offers investments and record-keeping services to its intermediary partners, as well as directly to clients through a variety of white-labeled interfaces. SaveDaily owns its proprietary financial services platform which has been in production for about three years, helping financial intermediaries succeed in bringing suitable and affordable investment services to everyday savers and investors. SaveDaily, through its financial services partners, has the capability of making virtually all mutual funds available to its clients. SaveDaily conducts its business through its wholly owned subsidiary, SaveDaily.com, Inc., which is headquartered in Seal Beach, California and is a Registered Investment Advisor with the Securities and Exchange Commission. For more information, visit www.savedaily.com.
Forward Looking Statements
This release may contain forward-looking statements. Actual results may differ from those projected due to a number of risks and uncertainties. SaveDaily does not undertake to update forward-looking statements in this news release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information.
Company Contact: Matthew Nunez, 1-562-795-7500 ext. 1019, [email protected]
SOURCE SaveDaily, Inc.