Livewire, which goes live today, is a social media platform developed specifically for the Australian investment community and will bring financial companies, commentators and media together on a single platform to share market insights with investors.
The new social media platform is the creation former finance professionals Tom McKay and James Marlay, who saw a gap in the market for a reliable social media feed focusing on the finance industry.
Livewire runs on brief, digestible bites of information called "Wires". Each Wire is 150 words or less, with the option to click through for the full article if required - much like Twitter.
Wires are contributed by financial professionals, companies and the media. Livewire managing director Tom McKay said the platform solved two main problems with consuming investment news online: clutter and credibility.
"Content is fragmented across a wide range of sites and newsletters, so you waste time looking for new information and trying to cut through the noise," he said. "At the same time, the chat-rooms and stock forums are rife with anonymous posters and questionable stock tips, so that creates trust and credibility issues. Livewire was created to solve these problems,"
Rather than faceless gurus, contributors were financial professionals or established media outlets using the real names, he said.
"Users are accredited through their company email or LinkedIn profile," he said.
"Members of the site can trust that what they read is thoughtful content from real professionals." The Livewire platform includes a mobile site, daily emails highlighting articles and frequent live panel discussions.
It is also fully integrated with mainstream social media so that content can be easily shared. Confirmed contributors to the site include Bell Potter, Magellan, BT Investment Management, K2 Asset Management, Intelligent Investor, Minelife and Wilson Asset Management.
During a trial, the average time spent on the site per visit by members site was 12 minutes. Geoff Wilson, Chairman at Wilson Asset Management said there was a plethora of financial news, views and data in the market.
"Livewire allows you to distill the relevant information quickly and efficiently to make accurate, time-sensitive decisions," he said. McKay said trolls and spammers would not be tolerated. "We have a number of house rules that centre around transparency and respect and do not tolerate unlawful, inflammatory or disrespectful behaviour on the site," he said.