Jon Stein

And I was working with really smart people.

And I found that I was uncovering opportunities to start businesses left and right because the banks were not paying close attention to what their customers wanted.

They weren't designed in a customer-centric way.

Yet I saw a few institutions that had done things well.

I really liked the ease and accessibility of ING Direct's online savings account.

I really liked the low-cost model of the Vanguard funds.

Yeah, yeah.

And the customer aligned model that they have, that they really, you know, they're a mutual company.

So I looked to kind of combine the low costs with the ease of use and to add something that for me was a real frustrating point in my own investing, which was that I was investing, I had opened seven different brokerage accounts over the years from 2003, say, to 2007.

And I was doing different things in each and I made some good decisions, I made some terrible decisions.

And in all that time, I thought it's crazy that no one

actually makes money management

in my best interest, that no one is doing all of the things that I want done for me, like tax loss harvest, like dividend shielding, like automatic rebalancing.

Why doesn't that exist?

And I realized that the industry is fundamentally flawed, that the firms that serve the market are either mutual funds or just trying to sell their funds, or they're brokers who are just selling whatever generates them the highest commission.

And there was no advisor that served people like me, the mass market, the mass affluence,

There was no scaled advisor.

And so I thought that is a real opportunity.

And that was the idea behind Betterment.

That's right.