Steve McLaughlin

I think there's a lot of power in these models.

That being said, I think it's really hard to build a consumer brand.

And I think that the empire will strike back, so to speak, with the Black Rocks and guys like Riskalyze who are growing like a weed right now.

they have various risk tools and robo advisor tools that they sell into RIAs.

So, um, uh, sorry, what was the acronym?

RIAs, registered investment advisors, registered investment advisors.

So, um, you know, they, they might sell into a Raymond James, for example, I'm not saying that's a client, but in his example, they've got thousands of financial advisors who, you know, two years ago would sit across the desk and get personal advice and there wouldn't be a robo component necessarily, but you know, going forward,

They can be armed with the very same or similar tools that someone like a Wealthfront or Betterment would give directly to a consumer.

And the fact is like some consumers like to do things extremely self-directed and some like to have a human sort of working with them, sort of working the robo-advisor technology behind the scenes.

And some people like a pure hybrid where they want to do some themselves and some with a human.

So I think all the models can succeed.

We're still in the first inning.

There's

hundreds of mutual fund companies that did incredibly well.

The key is sticking at it and having the funding to do it.

I think that's one of the problems I'm seeing in Silicon Valley is a lot of these companies, not necessarily these wealth management companies, but in general, are not getting enough funding.

Everybody wants to build- Fintech companies.

Fintech companies, exactly.

There's no one that's really putting $500 million behind these companies, right?

It's always dribs and drabs of