Democratizing Wealth Management

Jack discusses democratizing wealth management services by making high-end financial planning and tracking tools accessible to the broader market, similar to how Uber democratized private drivers or DoorDash democratized private chefs.

Key Points:

• Current Problem:

  • Wealth management tools are limited to ultra-wealthy ($500M+ net worth)
  • Existing platforms like Morgan Stanley have poor user interfaces
  • Even wealthy clients receive subpar wealth advisory services

• Market Opportunity:

  • Take features available to the 1% and make them accessible to the 99%
  • Focus on financial planning and market access
  • Target the gap between basic tools (like Mint.com) and ultra-high-net-worth platforms (like Addepar)

• Key Features Needed:

  • Comprehensive asset tracking
  • Investment monitoring
  • Better user interfaces than current solutions
  • Integration with wealth managers
  • Accessible pricing for broader market

• Business Potential:

  • Universal dissatisfaction with current solutions
  • Large addressable market
  • Room for significant improvement in user experience
  • Opportunity to disrupt legacy wealth management systems