Peter Rudegeair
speaker
756 appearances
12 recordings
1 series
first heard Nov 2017
last heard May 2021
Peter Rudegeair’s voice in public audio — every appearance, attributed to the second.
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Appearances
Not in individual stocks.
You can invest in stock funds, but not in individual stocks.
You know, I think pretty much every big bank and brokerage has one of these.
You know, Merrill Lynch, Wells Fargo, JP Morgan, Morgan Stanley.
It's kind of emerged as a need to have over the past decade.
It's hard to say how much traction those individual apps have gotten because a lot of these individuals
Big brokers and banks have armies of advisors that, you know, try to gather assets the human way and not the computer way and don't necessarily want to cannibalize their own business.
So we don't know where Goldman would rank in terms of, you know, assets under management relative to those companies.
But these startup companies like Betterment and Wealthfront have gained, you know, tens of billions in assets under management in the past decade.
Well, one is just to attract the next generation of investors and savers who might not want to meet an advisor in person and might not have a lot of money today, but could in 10 years or 20 years.
And they kind of want to meet those consumers where they are on their phones, right?
The other is just that it's a pretty low cost way to do this.
You can build a computer program to allocate these assets, bring in new customers, and then you just earn fees kind of for as long as those accounts are in place and you don't have the costs of...
kind of financial advisors, right, in terms of salaries and budgets to bring in new clients, you know, take them on golf trips, stuff like that.
You know, I think what Marcus Invest has is what a lot of these robot tools have, which is the computer decides what portfolios you should be invested in, but there's a human to answer the phone if you have questions.
These kind of pure digital tools where you can't talk to anybody about your portfolio or your goals, those haven't taken off as much as the tools that are kind of hybrid, right?
Where we want the computer to set the course, but if you're worried about the market dropping next week and maybe you should pull money out, like you can talk to a human about those fears and they can give you advice.
And we're not yet at the point where a lot of people will unquestioningly just turn over their life savings to a computer.
We may get there at some point.
But really, the ones that have succeeded are the ones that have married human advice plus digital advice.
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