Democratizing Investing: BORING!
There's something dis-spiriting about the headline of the new article by Claire Cain Miller, "Another Start-Up Wants to Democratize Investing."
The tone suggests that Finance 2.0 is old news, as though we’re talking about Latin American revolutions in the ’60s: These upstarts are unlikely to succeed or change anything.
We’ve been following the subject of this article, Covestor, since they were only this_tall. We think they’ve launched an interesting product, one that wraps all commissions into a single fee and gives anyone a chance to be an investment advisor (although data shows that few of them will be successful).
Here at Betterment, we do it even better: Make the fee lower. Make it a single account. Make it one decision. Cut out middlemen – don’t introduce more.
It’s not democracy at work, rather it’s efficiency, behavioral psychology, and decades of investing research at work. Now thats’ something to get excited about.
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