Meet the co-founder of Rosecut
Qiaojia Li is CEO and co-founder of Rosecut who is hoping to be the first business to open up financial planning to everyone.
What’s your career background?
Having grown up in China, I moved 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. At Credit 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/venture come from?
My mother was an entrepreneur herself; she became a millionaire in the 90s thanks to the opening up and reform 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.
Why did you call it Rosecut?
Rosecut was a means of handcrafting diamonds since the 1500s, before the machine cut got popular in the 1940s and wiped out the personality of each stone.
We choose the name as it is our way of saying, everyone is unique, and deserves a bespoke service to achieve their financial future.
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.
Who will Rosecut appeal to and why?
Rosecut will appeal to successful professionals, who want to achieve their life goals. Our vision is offering access to financial knowledge to all people, not just the ultra-wealthy, and helping their money grow too.
Unlike private banks or DIY trading apps, Rosecut is transparent and opinionated, giving people control over their financial future to live the life they want.
What problem does Rosecut solve and how do you address it?
Rosecut promises to offer everyone, no matter their walk of life, financial advice and a totally bespoke service to achieve their financial future. We believe everyone deserves the right to control their own finances and have the knowledge to make their own financial decisions.
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 on researching and developing to see if this is 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.
We spent a lot of time on research and development to see if this is possible. Although we still have a long way to go, we think we can do it, as one of the firs 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 proudest moments of my career and personal life.
Who inspires you?
I am inspired by so 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!
What are your three top pieces of advice for someone wanting to set up a business?
My three pieces of advice for anyone wanting to set up a business is:
Don’t expect quick success, it is almost always a long haul
Always have a blue print but adapt it along the way. It is an evolutionary process
Always enjoy the ride!
