Salome Preiswerk founded the digital asset management company Whitebox. “If not you, then we” is the motto of the financial expert with a view to the banking industry. Artificial intelligence in investments is not an issue for them.
“I don’t have the exciting startup story to offer,” says Salome Preiswerk, initially very modestly. Almost a classic story for a fintech founder: After studying law, she went straight to a management consultancy – “for banks”, as Preiswerk adds. “When I founded and built Whitebox, I only changed sides,” explains Preiswerk in the ntv podcast “So techt Germany”. The company offers digital and automatic asset management for private and business customers. The investment principle follows the value approach – Warren Buffett is known to many.
In “So techt Germany” the ntv moderators Frauke Holzmeier and Andreas Laukat ask founders, investors, politicians and entrepreneurs how things are in Germany as a technology location. You can find all episodes in the n-tv app at Audio Now, Apple Podcasts, and Spotify. Also at Amazon Music and Google Podcast you will find it.
In her job as a consultant, Preiswerk saw what worked and what didn’t. The focus on the customer and a really good, transparent and fair service were missing. This is the reason why the name Whitebox came about – “contrary to the black box mentality prevailing in the industry,” said Preiswerk. The willingness of the banks to do this themselves was still somewhat “dosed” back then, says Preiswerk, recalling the early days of Whitebox. “If not you, then we” – according to this motto, they would have founded the company.
ETFs better than digital asset manager
The so-called “Robo-Advisor” is just another term for the digital asset manager. The term suggests that inside everything is “robo” and the “algorithm rearranges some portfolios, which is actually mostly not the case,” explains Preiswerk. This is often a good option for people who do not trust themselves to invest, who do not have the time and “often enough fell on their faces,” says the financial expert. But actually it doesn’t need anything like that. Preiswerk refers to the so-called ETFs. Funds that replicated an index: “These are simple and transparent products.”
The new digital offers would give people easy access to the capital market. But one has to differentiate between “it is about investment or gambling”, so the rhetorical question from Preiswerk. They are two different things. It is better to come to this conclusion before making the first decision. But today you have an offer for every need. “That’s the nice thing about the brave new fintech world,” says Preiswerk.
In the new episode of “So techt Germany”, she explains why Salome Preiswerk does not believe in artificial intelligence in asset management and what tips she has for young founders.