Perret: Schwab Intelligent Portfolios reached $10B AUM in one month
Zach Perret · Metacorn: How to Build a Platform that Fuels an Ecosystem with Plaid Co-Founder/CEO Zach Perret · Dec 16, 2019 · at 11:40
Plaid co-founder and CEO Zach Perret discusses how incumbent banks react to fintech disruption, contrasting Schwab's rapid robo-advisory rollout with Wealthfront and Betterment's multi-year growth.
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“And this Schwab product, they launched it, and a month later they had ten billion dollars in asset center management.”
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“We raised, I think it was a twelve million dollar Series A, and knew that we had to spend at least a few million on, on this lawsuit.”
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“Most people treat treat banks as, or think of banks as a tax on their lives. You put your money into a bank, and it's just a matter of time before they charge you enough fees that it's gone.”
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“Lending Club was an early customer of ours and Lending Club was directly competitive with the banks and the banks didn't love the fact that we were enabling, enabling Lending Club to make loans, enabling Lending Club to steal their profit.”
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“When you start to look at the metrics of a platform, ah, there's incredibly high engagement and incredibly low churn. Ah, if engineers are doing days or weeks or even, even sometimes months of work to install something, it's incredibly unlikely that they're go…”
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“With Chase we sold directly into their, to their wealth management division to help them build, kind of, wealth analysis tools for their advisors. And in, in that case, yeah, we'll sign an actually narrow MSA. And over time iterate that MSA to be many other us…”