Everyone Deserves Good Financial Advice. Everyone. (Josh and Michael with Jon Stein and Dan Egan)

The Compound and Friends

Josh Brown

Business News, News, Investing, Business

4.7 • 2.2K Ratings

🗓️ 18 July 2019

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

Once upon a time, quality financial advice was only available for millionaires and the sophisticated investors who had the expertise to find the right advisors and understand exactly what they were getting. Non-millionaires and younger investors were ignored by traditional Wall Street brokerage firms, left to fend for themselves or, worse, to be preyed upon by unscrupulous brokers and insurance salesmen with skewed incentives. But times have changed, thanks to an innovative wave of new advisory firms, new services from large institutions and disruptive technology. Now, quality investment advice is available to everyone. Automated asset management services and robo-advisors unleashed a storm of creativity and progress, and now human advisors are adopting these technologies to incorporate into their practices, serving a new customer that they otherwise would not have been able to reach and help. We built Liftoff as a way to serve young investors and those who do not meet the minimum asset levels of traditional wealth management firms. Rather than send our fans and friends away to figure things out for themselves, we wanted to be able to help them ourselves, which led to years of development and evolution. Liftoff is a collaboration between Ritholtz Wealth Management and Betterment, combining what we believe is best in class asset allocation technology with the human touch of certified financial planners and advisors. We'd love for you to try us out and see what it's all about! You can learn more at https://liftoffinvest.com/ right now! 1-click play or subscribe on your favorite podcast app Subscribe to the mini podcast on iTunes or Spotify Enable our Alexa skill here - "Alexa, play the Compound show!" Talk to us about your portfolio or financial plan here: http://ritholtzwealth.com/ Obviously nothing on this channel should be considered as personalized financial advice just for you or a solicitation to buy or sell any securities. Please see this 3,000 word terms & conditions disclaimer: https://thereformedbroker.com/terms-and-conditions/ Hosted on Acast. See acast.com/privacy for more information. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi I'm downtown Josh Brown and we are live from Betterment Headquarters in the West 20s and I'm here with Michael Batnick from my shop and John Stein Dan Egan
0:10.9	You are the founder of Betterment and what are you employee number three?
0:14.0	That's about.
0:16.0	20, although I've killed off people who are more senior than me, so I'm moving up.
0:20.0	Game of Thrones.
0:21.0	But you, what's your actual title
0:24.8	Director of Behavioral Finance. I love that like that's a title that every registered investment advisory should have yeah and you have found there and CEO and yeah yeah okay now I just talked to customers though
0:34.6	okay so everyone knows who you are at this point you guys have done an amazing job at
0:40.8	I think building brand awareness for many generations not just young people.
0:47.1	Your ads are everywhere like people just they're aware of what you do and I think you've
0:51.0	gotten to capacity and now it's just making the service better.
0:55.0	I don't know how many advisors are aware that you guys offer a B2B solution for what's the best way to put this? For firms that want to deal with clients that if they can't scale it to a lot of clients it would be tough to do it profitably like is that the right way to put it?
1:12.6	That's totally fair.
1:13.8	I mean, we think about our role on the Betterment
1:16.3	for Advisors side as empowering our advisor partners
1:20.1	to do what they do best, which is go out and gather clients and work with those
1:23.8	clients and plan with them and not to have to deal with the busy work of
1:28.6	you know managing tax loss harvesting and asset location and all that back office stuff.
1:32.8	That's what we do.
1:33.4	Middle office.
1:34.4	Yeah.
1:34.9	So the traditional RIA would not be talking to accounts
	...

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