Interview with Qiaojia Li, Co-Founder of Rosecut
Find out how Qiaojia Li co-founded Rosecut with a mission to open up wealth management and financial planning to a much wider audience.
And learn how her mother’s experience in becoming a millionaire, only to lose almost all of her fortune, taught her that extreme wealth isn’t a guarantee of stability, and that the real battle isn’t making your fortune but safeguarding it over the course of your life.
What’s your career background?
Having grown up in China, Imoved to Sydney for university, then Singapore for my first job. Deciding that better opportunities were coming up in China, I moved back. In total, I spent seven years in ‘high finance’ jobs across Asia, working in corporate finance with profit and loss responsibility for companies in my portfolio – spending $100 mill per quarter, and working 100 hours per week.
I swiftly climbed the ladder in the private banking world, and in my first year, my average client account was £1 million, which quickly became £2 million, and soon I was managing £5 million. AtCredit Suisse, I went from managing £0 to managing £100 million of assets in three years – a progression that takes an average of 15 years normally.
After a career at Credit Suisse I became Co-Head of the Asia desk at Coutts International working with ultra-high net worth clients, many of whom had made their fortunes through technology businesses and were younger than the average Coutts client.
I then met Rosecut’s co-founder Gustavo Silva, a Brazilian-born programmer and serial entrepreneur, through talent incubator Entrepreneur First in October 2018. We partnered together to create Rosecut, a digital wealth manager that offers financial advice, planning & investment services available and affordable to all.
Where did the idea for your business come from?
My mother was an entrepreneur herself; she became a millionaire in the 90s thanks to the reform and opening up in China, however, she soon lost almost her entire fortune due to the volatility of the Chinese stock market. It made me realise that extreme wealth isn’t a guarantee of stability, and that the real battle isn’t making your fortune but safeguarding it over the course of your life.
I spent years as a wealth manager at Credit Suisse then Coutts, and I soon realised that I was helping only a select few people and the ultra wealthy. I started thinking then about combining my expertise with technology that could open up wealth management and financial planning to a much wider audience.
How did you move from idea to actual business?
I believe finding the right partner who shares the same vision was the most important starting point. The team and I then ensured we conducted a lot of consumer research and interviews to shape the design of the product.
Next we started designing multiple versions of the product which is a constantly evolving process. Each version has leaped forward in improvements compared with the previous version and allows the user to enjoy faster easier and a more insightful journey. Now our users can go from creating their personal profile and wealth balance sheet, lifetime cash flow projection to investing cash with Rosecut all within 10 minutes.
What’s your USP?
Private banking and wealth management is currently available to only the super wealthy, but Rosecut aims to level the playing field by making financial advice, planning & investment services available and affordable to all.
Our financial strategy gives everyone free access to the knowledge they need to make financial decisions by analysing their current net worth and projected future needs. We then charge a transparent, fixed fee to clients who want us to manage their investments.
What’s been the biggest obstacle you’ve had to overcome?
The whole product and venture is built on the idea that we can use technology, specifically a type of artificial intelligence, to imiate the advice sessions a client and financial advisior go through. We spent a lot of time in the researching and developing stages to see if it could be possible. Although we still have a long way to go, we believe we can eventually have an app that runs exactly the same way as wealth managers – which normally requires substantial fees – being one of the first in the market, if not the first.
And your proudest moment so far?
There are so many! I do think when a customer says: “your product has changed our family and how we think about finances”is one of the most proudest moments of my career and personal life.
Why is work so important to you?
Work is so important to me as it is my way of expressing my view of the world and showing my own creativity. Rosecut’s vision is so powerful, and I am totally focused on breaking open the secretive and opaque private banking industry by giving access to financial knowledge to everyone.
Who inspires you?
I am inspired by many entrepreneurs, and different facets of their life. I have always greatly admired Elon Musk, and how he dreams big and achieves the seemingly impossible. What a role model!
Find out more about Rosecut.