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Alex Porat You Are The Reason

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Alex Porat You Are The Reason

Basically, the buzz seems to be that Google failed on this for a couple of reasons. Number one, they couldn't get much momentum in the advertising because it wasn't converting. As Google notes, people search for their information online. That doesn't mean they're ready to buy their financial services products online without a little bit more information, without a little bit more due diligence.

In fact, there was an old saying, when all the computer companies were getting going 30 to 40 years ago, startup computer companies had a huge challenge. IBM dominated the marketplace. And the reason was that anybody who was responsible for a purchasing decision, would always be afraid that if you went with a new company, if you bought some new company's computers in the 70s and 80s and they turned out to be bad, you would get fired. If you bought an IBM, and it turned out to have problems, well, "nobody got fired for buying IBM". They were the market-dominant player.

In the meantime, you're looking at the true winners that are coming forth in the space, which really makes the point that it's all about trust. The winners in the space so far are Schwab and Vanguard. And the reason why they're winning really is well, sort of three-fold. Number one, the truth is most of the business that they're getting, what we're hearing from all the analyst calls and the buzz, is they're converting existing clients. They're not actually pulling in people off the street into robo-advisors to the tune of billions of dollars. They're taking existing clients, and converting them into basically managed accounts, or managed accounts with the wealth management relationship in the case of Vanguard.

But the real driver I think that's dictating the winners and losers here, it's brand. It's brand and it's the trust that's gets built by brand. There's a reason why FutureAdvisor is working well for BlackRock, because no one gets fired for owning BlackRock, because BlackRock is BlackRock. Vanguard functions the same way. No great surprise that they're having the most success building up robo-advisor assets, or really their hybrid advisor assets, because they're already the country's largest asset manager with an unbelievably good brand. And Schwab is the same way. 041b061a72

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