Brokers and Advisers Fight For Millennials’ Money
By Jonathan Chew
For millennials, accustomed to apps and websites that work easily and intuitively, an investing platform’s design can be a deal breaker. That’s creating opportunities for young, programming-savvy entrepreneurs who are as passionate about typefaces and algorithms as they are about managing assets. Jon Stein, the 36-year-old CEO of robo-advising brokerage Betterment, spent the first five years of his career as a consultant to bankers and brokers, coming away with a self-described “disdain” for a Wall Street model that, he felt, “was making money and acquiring customers but not paying attention to them.” Poorly designed trading platforms, he says, were part of that neglect.