Akron's Steve Washington based his business on a simple, but previously overlooked concept: offer financial services to people who want to invest, but have limited funds and might not know where to start.
Washington, a finance instructor at the University of Akron with a background in investment banking, last year launched Member Share Saving Network, reaching out to young workers, minorities and women looking to invest in their futures. The company is a division of SaveDaily.com, Inc., which aims to offer low cost financial services through an online asset management platform. Members Share currently has four employees.
"We offer services to unserved and underserved investment markets, using technology that significantly reduces the cost of the delivering services," Washington explained. "We are micro-investing small amounts of money the same way wealthy people invest large amounts."
The majority of the company's 7,400 clients are in Ohio, but investors from 43 states have become part of the Member Share Saving Network.
Washington said less wealthy investors are a large market that is just beginning to be tapped. And though Member Share is a business, it has a greater mission as well.
"It's estimated that 70- to 80-million people are outside the traditional investment or retirement apparatus in this country," he said. "It's a good business � but it's also socially important that as many people as possible participate in retirement planning for their own good, their families and the country as a whole to lessen the pressure on social security and other social services.
Source: Steve Washington, CEO Member Share Network
Writer: Feoshia Henderson