Marvel, Lego, Burberry, Range Rover - What do all these things have in common…?

They’re all widely successful products / franchises / brands, who really understand their modern audience and are delivering an experience that’s reimagined for today’s generation of consumers.

But they’re not entirely new. They took something successful, rethought it, remixed it, and made it better. They’re not trading on nostalgia, but have looked to their heritage to reinvent themselves for a different generation, making themselves relevant and valuable for today’s world.

And in the case of luxury brands such as Burberry and Range Rover, they’ve managed to widen their target customer base whilst maintaining their premium positioning. Staying true to their original essence, they’ve taken their core products and modernised them to attract a new, wider group of customers.

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Looking across all these examples, from popular culture to high-end luxury, there is a common recipe:

1. Attracting a new modern audience is more than just a marketing exercise. It involves simplifying the core essence and changing the product lines themselves to make them more accessible, relevant and authentic (Range Rover’s more entry-level models for instance). 
2. An ‘outsiders’ perspective can enable a fresh new way of looking at things, that would have been too hard / uncomfortable from within the organisation (take Lego’s acclaimed ‘outsider’ CEO Vig Knudstorp who came into the family-owned business and completely turned around its fortunes)
3. But, importantly, a deep understanding of what made the original so successful needs to be maintained and kept at the heart of a product, even as it reinvents itself. It’s not about disregarding the old and bringing in the new, but rather adapting and reimagining (Marvel’s updated main characters for instance).

But what does any of this have to do with investing and Sidekick…?

Sidekick’s target customer, product and mission is very much a modern one. But the opportunity we’re trying to bring about isn’t entirely new. 

The private bank has been around for centuries.

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They served wealthy customers, with a ‘private’ service, to enable them to protect and grow their money in ways that the average customer couldn’t.

But unlike the brand / product examples above, there has yet to be a fundamental reinvention of this model. The industry still largely operates as it always has done - it may look a bit more digital than it once did, and the banks may have modernised their marketing campaigns, but ultimately it’s the same product underneath, serving the same very wealthy clients, with products the rest of us will never be able to access.

We don’t think this is fair. And we think there is an opportunity to change this.

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So that’s what we’re doing at Sidekick.

Sidekick isn’t a private bank, but the services we offer will certainly have some similarities. On launch, we’ll offer expertly-managed portfolios, alternative investments, and enable customers to borrow against these portfolios. All products previously only accessible to high-net-worth individuals.

But we’ll do this in a brand new way. 

• We’re rethinking and restructuring products from the ground up for a new generation of investors. This includes a mobile-first product, and a transparent, engaging educational experience to break down some of the barriers to these products. And we’re constructing and pricing the service to make it more accessible, open and attainable.
• Being a startup, we’re able to bring an ‘outsiders’ perspective. We can do things in a way larger institutions tend not to be able to, by melding external technology expertise and cutting-edge innovation with new ways of working to create products previously not thought possible.
• But, we’re not ignoring the heritage and essence of what people like about private banking. The core of what we'll be offering is built on similar principles - trust, expertise, and service. We’re ensuring we capture and factor in a deep understanding of what made the original model work so successfully. And we’re bringing this to more people.

Most importantly of all, we’re building a team of experts who combine the best (and most relevant parts) from traditional players with technology and product innovation that a startup can provide. In this vein, we’ve made one of our most important appointments to date. 

Introducing Stuart Newey, Sidekick’s newly appointed Chairperson…

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With 40 years experience in private banking, culminating in being one of the most senior executives at Coutts & Co, Stuart brings deep expertise and knowledge on how a private bank can be run. Wealth creating products, expert portfolio management, and lending products that are secured against investment portfolios…Stuart’s seen it before. But the world has changed, and there are opportunities to do this again, but better, and for a wider customer base.

“We couldn’t be more excited to welcome Stuart to the Sidekick team. It’s rare to find someone with such deep industry experience who can also see how the rulebook can be torn up and rewritten. We just clicked from the first time we met, and I’m really pleased to have him leading from the front as our Chair. We can learn a lot from Stuart, and we’re excited to build something entirely new together.” Matt Ford (CEO, Sidekick)

“I am really excited about the Sidekick proposition - through leveraging modern technology the team is reinventing Active Investment Management.  I believe there is a real gap in the market for a simple, digitally led, cost effective investment service which provides the breadth of active management traditionally provided by private banks, but available to all.” Stuart Newey (Chair, Sidekick)

We named ourselves Sidekick for a reason - because we want to work by your side to help you grow your wealth. And leveraging Stuart’s experience and leadership, we’re ensuring we utilise the key ingredients of reinvention to build a modern investment manager for today’s changing world.

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Please remember, investing should be viewed as longer term. Your capital is at risk — the value of investments can go up and down, and you may get back less than you put in. Cryptoassets are only regulated in the UK for money laundering purposes. If you invest in these types of assets, you are unlikely to be protected if something goes wrong.