Intriguing survey question from Wealthfront:pic.twitter.com/X0B4plMept
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“Why?” Greater share of wallet, greater share of habit than investing services (and therefore keeps your AUM sticky), and great monetization options on both stocks and flows of cash*. * Not physical cash; distinguishing it from value in investments, some of which are cashlike.
“Can you explain that?” So one investment option is called a “money market fund” and it is functionally not an investment, because they are (de facto) backed up by issuer and government guarantees which make them approximately as solid as insured bank deposits.
Watching Simple destroy itself has made my consumer appetite for "tech banks" significantly lower
I wanted Simple to be great. But it's pretty galling to claim to be a "Checking Account" while not allowing customers to write paper checks.
Every brokerage and every credit issuer.
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