Steve McLaughlin

$10, $20, $30, $40 million.

You did see Betterment raise $100 million from Shinovic in Europe, which I thought was tremendous for them to be able to have that kind of capital to build the technology they really need to build and be able to do the kind of marketing they need to build their business on.

So I think the arms race for raising capital, which is where we come into play, is critical.

And I think it puts pressure on the other guys in the space to raise large amounts of capital and really build the business.

I mean, he probably doesn't know much about Betterment and Wealthfront.

I think one of the things that I like about Betterment and Wealthfront, they're going to have really, really forensic case studies on

decent swaths of the population where they're going to be able to sort of take, you know, over 10 or 15 years, you know, this part of the population that got on their platform and they put a significant amount of assets on the platform and see how it performs through the cycles.

And they'll be able to compare that net, net, net against what you're doing in Vanguard index funds or with someone else's doing investing in a bunch of single stocks or hedge funds or putting their money in checking account.

And there will be perfect, comparable data on which was better, right?

And so I think you're starting to get to a point where you'll have empirical data that'll say which one was better.

Right now, I can't say it will be better to be in Vanguard or Better Better Wealthfront.

There's a philosophical view that one might be better.

But they've both got very technical approaches to the robo-advice.

And eventually, it's going to be clear which one was better.

And so I think as you get more and more of those case studies, more about that empirical evidence, once people realize smoking kills you, a lot of people stop smoking.

Not everybody.

People can't help themselves, right?

But you still had a huge march towards that once you get some empirical evidence that these robo-advisor platforms and the value of the lower fees and the tax harvesting and things like that are super important.

you know, powerful over the long haul, you know, that empirical data is going to really propel people to throw money in these things in droves.

And whether that's with a risk allies or with somebody like a Wealthfront or Betterment.