I have to admire the big B2C financial companies (banks, brokerages, etc) for being able to confidently onboard customers secure in the knowledge that they’ll make half their revenue from a cohort from the 5% of it which is still a customer in 20 years... over years 21 through 50
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On the topic of financial institutions making long-term investments: The brokerage where I hold my ETFs has paid me more money in "new customer bonuses" than I've paid them in trading commissions. But they presumably expect that I'll pay more commissions over the next N0 years.
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Is it really admiration, or that switching cost are so high? It’s the space they play, but one could think that easing the switching cost could disrupt everything
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