1 00:00:00,200 --> 00:00:02,100 All right, welcome everybody on this episode. 2 00:00:02,100 --> 00:00:03,800 We have an interview with Brian Barnes. 3 00:00:03,800 --> 00:00:07,100 Who is the CEO of em on finance as able to talk to him a little 4 00:00:07,100 --> 00:00:08,600 bit. Here is the interview. 5 00:00:08,700 --> 00:00:11,900 We had the last interview. I looked it up. 6 00:00:11,900 --> 00:00:15,600 It was ten months ago. So met course sometimes yeah 7 00:00:15,700 --> 00:00:18,800 feels like a lifetime ago. Is it a different environment as 8 00:00:18,800 --> 00:00:23,700 well as wandering from then? Do you remember how many 9 00:00:23,700 --> 00:00:24,900 employees are company? Had? 10 00:00:25,900 --> 00:00:29,900 And when find a said, I don't know if I couldn't exactly get 11 00:00:30,100 --> 00:00:31,600 Number in May, I could definitely look it up. 12 00:00:31,600 --> 00:00:36,100 I know that we started 2020. So January 2020 with 38. 13 00:00:36,600 --> 00:00:41,600 We now have about 155 and so we've been somewhere along that 14 00:00:41,700 --> 00:00:46,900 that number, if May probably 50, 60, something like that see 15 00:00:46,900 --> 00:00:50,500 where you went from 38 at the beginning of beginning of 2022. 16 00:00:50,500 --> 00:00:55,300 Now, 150 ish, correct? Okay, what are your plans for 17 00:00:55,300 --> 00:00:58,600 like, over the next year? So we're trying to double from 18 00:00:58,600 --> 00:01:01,500 where we are now by the The end of the year, so we'll be sort of 19 00:01:01,500 --> 00:01:04,599 high 200, sort of, you know, ambitiously trying to get to 300 20 00:01:04,599 --> 00:01:07,400 people by the end of the year. And so the organization will be 21 00:01:07,400 --> 00:01:09,700 in a little pretty fundamentally different place by the end of 22 00:01:09,700 --> 00:01:12,400 this year when compared to a year or two ago. 23 00:01:12,800 --> 00:01:15,700 Well, it seems like it. I've seen the trend overall and 24 00:01:15,700 --> 00:01:20,100 I know you guys, you just announced what is it go to an 25 00:01:20,100 --> 00:01:22,300 investment. They're like a hedge fund, 26 00:01:22,300 --> 00:01:24,300 right? I think a pretty public one. 27 00:01:24,300 --> 00:01:25,600 That does a lot of tech investing. 28 00:01:25,900 --> 00:01:28,500 They led the last round of investment for you guys. 29 00:01:29,300 --> 00:01:31,700 Yeah, absolutely. So CO2 is one of the Premier 30 00:01:31,700 --> 00:01:34,800 hedge funds out there and so they have been more famous in 31 00:01:34,800 --> 00:01:37,400 their public portfolio. And so it's the, you know, 32 00:01:37,400 --> 00:01:39,500 almost like the who's, who of the tech names out there, but 33 00:01:39,500 --> 00:01:41,600 the interesting thing about CO2 is they invested in them, you 34 00:01:41,600 --> 00:01:44,300 know, 10, 15 years ago before they were before they were the 35 00:01:44,300 --> 00:01:47,700 who they have since moved into the private market and have 36 00:01:47,700 --> 00:01:51,400 invested in a lot of the private companies that have become sort 37 00:01:51,400 --> 00:01:54,400 of your household brand name for Consumer Tech products and the 38 00:01:54,400 --> 00:01:56,700 like and so we're super fortunate to have them as an 39 00:01:56,700 --> 00:01:58,300 investor. And, you know, really, really 40 00:01:58,300 --> 00:02:00,300 think that they're going to be To support a good amount of 41 00:02:00,308 --> 00:02:02,800 growth that the M1 organization. Yeah. 42 00:02:02,800 --> 00:02:06,400 I remember when I first started a portfolio with him and finance 43 00:02:06,400 --> 00:02:09,000 his way back in general. I don't even think the retail 44 00:02:09,000 --> 00:02:10,900 investor was this popular at that time. 45 00:02:11,200 --> 00:02:13,900 Like I was when kind of M1 Finance, Robin Hood, these type 46 00:02:13,900 --> 00:02:17,700 of things were kicking off and there was like a lot of, you 47 00:02:17,700 --> 00:02:19,200 know, should I put my money in these guys? 48 00:02:19,200 --> 00:02:22,200 Or should I just stay with Schwab or, you know, Fidelity or 49 00:02:22,200 --> 00:02:24,700 Vanguard like the the more Legacy ones? 50 00:02:25,500 --> 00:02:28,400 But how does it feel knowing like my question is? 51 00:02:28,400 --> 00:02:30,400 How does it feel? Knowing you're getting backing 52 00:02:30,400 --> 00:02:33,700 from these type of hedge funds. Now like as a source of 53 00:02:33,700 --> 00:02:34,900 validation. Are you looking at this like 54 00:02:34,900 --> 00:02:39,200 man, we have CO2 and like these these serious investors and if 55 00:02:39,200 --> 00:02:41,300 you look at their portfolio, they have a wonderful portfolio 56 00:02:41,300 --> 00:02:43,900 of technology companies. How does that validate the 57 00:02:43,908 --> 00:02:48,100 company? It's incredibly exciting. 58 00:02:48,100 --> 00:02:51,600 And, you know, it's definitely a result of a massive team effort. 59 00:02:51,600 --> 00:02:54,900 And so the entire him, one organization is incredibly proud 60 00:02:54,900 --> 00:02:58,400 of what they've built over time and, you know, having smart 61 00:02:58,400 --> 00:03:00,300 sophisticated peoples, and you're doing a good job, as 62 00:03:00,300 --> 00:03:04,300 always a positive and you feel good about it and the like it 63 00:03:04,300 --> 00:03:07,500 does put the pressure on, you know, they're definitely looking 64 00:03:07,500 --> 00:03:09,900 for M1 to be a large organization into the future. 65 00:03:09,900 --> 00:03:13,100 And so we have those demands to fill and just you know one piece 66 00:03:13,100 --> 00:03:14,900 of comment you were talking about your Vanguard. 67 00:03:15,100 --> 00:03:17,900 Swab the Legacy players, which, which is interesting is at some 68 00:03:17,900 --> 00:03:19,200 point. Those were not the Legacy 69 00:03:19,200 --> 00:03:20,800 players, right? Vanguard started in the 70 00:03:20,800 --> 00:03:22,600 seventies trough at the same time. 71 00:03:22,900 --> 00:03:26,000 And you know, the Vanguard was fighting all the mutual funds. 72 00:03:26,000 --> 00:03:27,500 And you know, it was sort of this. 73 00:03:27,600 --> 00:03:30,000 Hey, you'd be silly to invest in an index fund. 74 00:03:30,000 --> 00:03:32,200 It was just better product, better pricing and over long 75 00:03:32,200 --> 00:03:34,200 periods of time. They become the Behemoth and 76 00:03:34,200 --> 00:03:35,700 same thing with trough. They were fighting, you know, 77 00:03:35,700 --> 00:03:38,700 Morgan Stanley Merrill Lynch and it was you know know the 78 00:03:38,700 --> 00:03:40,700 individual investor shouldn't be doing this themselves. 79 00:03:40,700 --> 00:03:43,500 They should work with the high-priced advisor or a broker 80 00:03:44,200 --> 00:03:46,100 and have Also proved that model wrong. 81 00:03:46,100 --> 00:03:48,600 And so, you know, really when we talk about M1. 82 00:03:48,600 --> 00:03:51,300 We look to those companies as we're trying to be the next 83 00:03:51,300 --> 00:03:53,600 Generation Vanguard Next Generation Schwab, really 84 00:03:53,600 --> 00:03:56,700 empower the individual and data investor with a better product 85 00:03:56,700 --> 00:04:00,400 better price and we know that it will take a long time to become 86 00:04:00,400 --> 00:04:02,000 companies about their size and scale. 87 00:04:03,000 --> 00:04:05,800 Yeah, maybe become their size, but I think the trust factor is 88 00:04:05,800 --> 00:04:09,100 moving along a lot faster. Like when I started I remember 89 00:04:09,100 --> 00:04:10,900 people. Put they put on a hundred dollar 90 00:04:10,900 --> 00:04:13,500 like test deposit to see if it's like real and they can get their 91 00:04:13,500 --> 00:04:15,800 money back type of thing. There's accounts. 92 00:04:15,800 --> 00:04:18,600 I see publicly on YouTube that have a million dollars on a 93 00:04:18,600 --> 00:04:20,600 month. Finance, you know, sigh? 94 00:04:20,600 --> 00:04:23,900 See the trust Factor moving along a lot faster with with 95 00:04:23,900 --> 00:04:26,500 this. The smaller, you know, you have 96 00:04:26,500 --> 00:04:28,800 smaller assets under management and something like Fidelity 97 00:04:28,800 --> 00:04:32,800 Fidelity or Schwab, but I see the trust Factor moving very 98 00:04:32,800 --> 00:04:36,300 quickly. I have some questions on the 99 00:04:36,300 --> 00:04:37,700 whole growth of fintech in general. 100 00:04:37,700 --> 00:04:40,900 But before I jump into that, I want to ask what are you so you 101 00:04:40,900 --> 00:04:43,100 receiving all this money 75 was it? 102 00:04:43,100 --> 00:04:45,300 75 million? This is the last Round. 103 00:04:45,400 --> 00:04:46,800 Yeah, that was the most recent round. 104 00:04:46,800 --> 00:04:50,100 We've been fortunate enough, you know, up through sort of start 105 00:04:50,100 --> 00:04:53,000 of 2020. We had raised 25 million dollars 106 00:04:53,300 --> 00:04:55,500 in our lifetime and then over the last 10 months. 107 00:04:55,700 --> 00:04:58,000 We've raised another 150 million. 108 00:04:58,000 --> 00:05:01,600 So, you know, it's six times the amount of money that we had 109 00:05:01,600 --> 00:05:05,200 raised prior to a year ago. And so we're in a very good 110 00:05:05,200 --> 00:05:08,900 position to to bolster every aspect of the company. 111 00:05:08,900 --> 00:05:09,900 And I'm sure that's where the heck. 112 00:05:10,300 --> 00:05:12,800 Well, we're gonna do with all that money is, is might be the 113 00:05:12,800 --> 00:05:14,600 common questions question. You have this money. 114 00:05:14,600 --> 00:05:15,800 What? Are you doing with it? 115 00:05:15,800 --> 00:05:17,600 What's going on? What are the growth plans from 116 00:05:17,600 --> 00:05:21,200 here? Yeah, you know, if you look at 117 00:05:21,500 --> 00:05:23,600 the companies that we just talked about band Garden Schwab, 118 00:05:23,600 --> 00:05:26,300 you know and you were talking about the trust factor of where 119 00:05:26,300 --> 00:05:29,500 do people with a quarter million dollars Place their money. 120 00:05:30,000 --> 00:05:33,700 The default option is still a Legacy Bank Legacy broker in the 121 00:05:33,707 --> 00:05:37,600 Lichen and they offer okay. Products it have big scale, but 122 00:05:37,600 --> 00:05:41,200 they do have a very trusted brand name and one has a long 123 00:05:41,200 --> 00:05:46,300 way to go to like significantly. Prove every single product that 124 00:05:46,300 --> 00:05:48,300 they offer. So if you look across the three 125 00:05:48,300 --> 00:05:51,000 main products that we do, how you invest, how you borrow and 126 00:05:51,000 --> 00:05:52,700 how you spend. I think there's incredible 127 00:05:52,700 --> 00:05:54,300 improvements. That could be made across all 128 00:05:54,300 --> 00:05:57,300 three of those buckets. And so, you know, we built a lot 129 00:05:57,300 --> 00:06:01,000 of core product experience, core infrastructure to support it. 130 00:06:01,000 --> 00:06:05,200 But we have a long way to go to make it definitively the best 131 00:06:05,300 --> 00:06:07,100 personal finance account that's on the market. 132 00:06:07,100 --> 00:06:09,900 You know, we're really focused on sort of a best-in-class 133 00:06:09,900 --> 00:06:12,500 investing product best-in-class, borrow product best-in-class, 134 00:06:12,500 --> 00:06:14,900 spend products, and having all of them work together so that 135 00:06:15,100 --> 00:06:16,400 Whole is greater than the sum of the parts? 136 00:06:16,400 --> 00:06:20,300 And we just, you know, that sort of a and state of perfection and 137 00:06:20,300 --> 00:06:22,900 you know you we have a lot of work to do to there. 138 00:06:22,900 --> 00:06:25,000 We'll never get there. But you know how you're going to 139 00:06:25,000 --> 00:06:26,300 manage your money in five and ten years. 140 00:06:26,300 --> 00:06:28,900 I think will continue at an accelerated Pace to the 141 00:06:28,900 --> 00:06:30,800 improvements that have been made over the past couple years. 142 00:06:31,200 --> 00:06:34,500 There's also just growing the the brand I mean, you know, we 143 00:06:34,500 --> 00:06:36,800 now service over half a million customers. 144 00:06:36,800 --> 00:06:39,800 We have coming up on four billion dollars on the platform. 145 00:06:40,900 --> 00:06:45,700 We that's meaningful trapped track action from a Small fin 146 00:06:45,700 --> 00:06:48,300 tech company that's growing. But, you know, the, the 147 00:06:48,300 --> 00:06:51,000 companies that we mentioned, like, we're not a financial 148 00:06:51,000 --> 00:06:53,700 institution until we manage millions or tens of millions of 149 00:06:54,000 --> 00:06:55,500 customer accounts and tens of billions. 150 00:06:55,500 --> 00:06:57,900 If not hundreds of billions and potentially even moving into the 151 00:06:57,900 --> 00:07:01,500 trillions as you get to the the penis and the financial space. 152 00:07:01,500 --> 00:07:05,300 So, you know, it's really just building better product better 153 00:07:05,300 --> 00:07:08,700 pricing and growing me the overall organization to support 154 00:07:08,700 --> 00:07:09,800 that. Okay? 155 00:07:10,200 --> 00:07:11,300 Yes. Yeah. 156 00:07:11,300 --> 00:07:13,100 It's true. Your it seems like it's growing 157 00:07:13,300 --> 00:07:14,700 pretty quickly moving from like what? 158 00:07:15,000 --> 00:07:17,000 Remember your now Strat 1 billion assets under management. 159 00:07:17,000 --> 00:07:20,600 Now, you're under at four and that must have been like, what a 160 00:07:20,608 --> 00:07:23,800 year in the time to do that. But it still is another two 161 00:07:23,800 --> 00:07:24,300 months. Yeah. 162 00:07:24,300 --> 00:07:28,600 So yeah, so that's growing fast, but you got a ways to go before, 163 00:07:28,600 --> 00:07:32,000 you're one of the big players. All right. 164 00:07:32,000 --> 00:07:35,000 So between between the different products that you have the 165 00:07:35,000 --> 00:07:38,700 investing product, the spend product like the banking product 166 00:07:39,200 --> 00:07:40,900 are, is there any direction? You're taking with it, where 167 00:07:40,900 --> 00:07:42,900 you're going more into one than the other or you just kind of 168 00:07:42,900 --> 00:07:44,100 splitting the effort between the three? 169 00:07:45,300 --> 00:07:48,300 No, but you know, you you were asking about sort of what are we 170 00:07:48,308 --> 00:07:50,700 going to do with the money m1's history? 171 00:07:50,700 --> 00:07:52,900 Was we always had to do things more or less sequentially. 172 00:07:52,900 --> 00:07:56,300 So, we started with invest, you know, then we put that on the 173 00:07:56,300 --> 00:07:58,600 table and let that bake and then we moved on to borrow built 174 00:07:58,600 --> 00:07:59,800 that. And then, you know, we moved on 175 00:07:59,800 --> 00:08:02,000 to spend and every single feature and functionality. 176 00:08:02,000 --> 00:08:04,600 We sort of had to, you know, not focus on anything else. 177 00:08:04,600 --> 00:08:07,100 Build the new thing and then move on to the next right. 178 00:08:07,100 --> 00:08:11,500 Now we have yo, the product team is 67 x. 179 00:08:11,500 --> 00:08:14,000 The amount of people that that worked on a product at any given 180 00:08:14,000 --> 00:08:15,300 time. And so we can focus A lot of 181 00:08:15,300 --> 00:08:17,500 things. Concurrently and so the nice 182 00:08:17,500 --> 00:08:22,500 thing is we can like the focus is best-in-class automated 183 00:08:22,500 --> 00:08:25,900 investing platform and you know, like have a team dedicated to 184 00:08:25,900 --> 00:08:29,500 that a best-in-class borrowing experience and will enhance an 185 00:08:29,500 --> 00:08:32,200 offer more capabilities around that on the spend side. 186 00:08:32,200 --> 00:08:34,400 Same thing best-in-class checking account as well as any 187 00:08:34,400 --> 00:08:37,900 mechanism to spend and receive money and the like and we have 188 00:08:37,900 --> 00:08:41,799 the ability to with the the new round of funding pursue these 189 00:08:41,799 --> 00:08:43,900 things simultaneously. And so, you know our product 190 00:08:43,900 --> 00:08:47,000 throughput and You should be increasing in a meaningful clip. 191 00:08:47,300 --> 00:08:49,700 But you know, the unfortunate thing is you get the money 192 00:08:49,700 --> 00:08:50,800 first. Then you have to recruit the 193 00:08:50,800 --> 00:08:51,800 team, then you build the product. 194 00:08:51,800 --> 00:08:54,300 And so there is a little bit of a lab to seeing the improvements 195 00:08:54,300 --> 00:08:56,100 as a result of the money coming in. 196 00:08:56,400 --> 00:08:59,200 But, you know, everything will improve in a pretty material 197 00:08:59,200 --> 00:09:01,400 capacity in the the user should start to see that in a short 198 00:09:01,400 --> 00:09:05,000 amount of time. Okay, though the other between 199 00:09:05,000 --> 00:09:08,100 those three project products that they spend, and, you know, 200 00:09:08,900 --> 00:09:12,700 the big, I see a big concern with people that have they want 201 00:09:12,700 --> 00:09:16,200 to go to M1, or they want to go to At least a fintech, right? 202 00:09:16,200 --> 00:09:19,500 Because most of the fintechs are honestly the Technology's there. 203 00:09:19,500 --> 00:09:23,100 It's better than it's going to be better prettier faster than 204 00:09:23,400 --> 00:09:25,800 something like Fidelity or whatever. 205 00:09:26,100 --> 00:09:29,100 But it seems like the bigger the bigger brokerage is the 206 00:09:29,100 --> 00:09:32,900 advantages that they have are that people feel more secure. 207 00:09:32,900 --> 00:09:35,100 They have a phone number that can call, anytime. 208 00:09:35,800 --> 00:09:38,500 They have 1,000, customer service people waiting on the 209 00:09:38,500 --> 00:09:42,100 other the other line. And I see that as a biggest from 210 00:09:42,100 --> 00:09:44,400 what I've received, like the just kind of what I've viewed 211 00:09:44,400 --> 00:09:46,400 online. Is, oh, I would put my money on 212 00:09:46,408 --> 00:09:48,300 him on finance, but I'm afraid I won't be able to get through the 213 00:09:48,308 --> 00:09:50,300 line because they're so busy or that type of thing. 214 00:09:50,500 --> 00:09:52,600 The same thing, even worse with Robin Hood. 215 00:09:52,600 --> 00:09:54,900 It's like they don't even have a phone number to call, you know, 216 00:09:54,900 --> 00:09:57,100 you have to message them and hope that you get back in time. 217 00:09:57,500 --> 00:09:59,400 And with that they're doing a lot more short-term stuff. 218 00:09:59,400 --> 00:10:01,300 So, sometimes it's even more pressing. 219 00:10:01,300 --> 00:10:06,200 But the effort to ensure like, if you're, if you're a consumer 220 00:10:06,200 --> 00:10:11,300 or a client of m1's, you know, I guess if the concern is, We're 221 00:10:11,300 --> 00:10:13,600 not gonna be able to get a hold of people or and time or be able 222 00:10:13,600 --> 00:10:17,200 to get these Issue is resolved. What are the efforts to be able 223 00:10:17,200 --> 00:10:19,100 to resolve that? So people can have confidence, 224 00:10:19,400 --> 00:10:20,600 they're going to be able to get through. 225 00:10:21,700 --> 00:10:28,200 Yeah, you know our our we have not like M1 has not done the job 226 00:10:28,200 --> 00:10:30,700 that we should on customer support and a lot of it is due 227 00:10:30,700 --> 00:10:35,700 to the fast scaling nature of the organization and the growth 228 00:10:35,700 --> 00:10:39,000 that our user base experience or of outpaced our ability to grow 229 00:10:39,000 --> 00:10:41,500 the organization. And we unfortunately had a pie 230 00:10:41,500 --> 00:10:45,200 like a little bit of ketchup and so that, you know, I've liked 231 00:10:45,300 --> 00:10:47,400 that is 100% my fault, not the fault of my team. 232 00:10:47,400 --> 00:10:50,100 We have been incredibly devoted bought in team. 233 00:10:50,100 --> 00:10:52,700 That is Super PAC. What about helping the End, 234 00:10:52,700 --> 00:10:54,600 customer and servicing, all their needs? 235 00:10:54,800 --> 00:10:57,600 They frankly just get more requests than any person can 236 00:10:57,600 --> 00:11:00,800 handle and we are massively higher, you know, adding tens of 237 00:11:00,800 --> 00:11:03,200 people a week. You were asking about the 238 00:11:03,200 --> 00:11:05,200 organization at the beginning of 2020. 239 00:11:05,200 --> 00:11:07,100 I think we had five customer support reps. 240 00:11:07,300 --> 00:11:10,300 We're now over 50, we're adding, you know, 10 every week. 241 00:11:10,300 --> 00:11:13,800 And so that team is getting increase in a material capacity. 242 00:11:14,200 --> 00:11:18,400 I do think there is a sort of pace of change or Evolution that 243 00:11:18,400 --> 00:11:21,000 you're going to see and M1 has only been public facing for 244 00:11:21,000 --> 00:11:22,800 about. Four and a half years where you 245 00:11:22,800 --> 00:11:27,300 look at a Schwab a Fidelity of better and you have 50 60 or 246 00:11:27,300 --> 00:11:29,600 legacies and, and, you know, tens of thousands of people 247 00:11:29,600 --> 00:11:32,200 building stuff over time. That being said, like the pace 248 00:11:32,200 --> 00:11:34,700 of innovation for a 50,000 person, and Charles Schwab. 249 00:11:34,700 --> 00:11:38,800 Organization is quite slow. And um, one and four and a half 250 00:11:38,800 --> 00:11:42,600 years has built, you know more products better product is 251 00:11:42,600 --> 00:11:45,800 increasing at a faster clip. And so, you know, we do have 252 00:11:45,800 --> 00:11:48,200 work to do to catch up to them on a service perspective. 253 00:11:48,300 --> 00:11:51,100 I do think you look a little bit out and sort of say in one year 254 00:11:51,100 --> 00:11:52,100 two years. Three years. 255 00:11:52,800 --> 00:11:55,100 I'm very confident that M1 will have significantly better 256 00:11:55,100 --> 00:11:57,200 service than Schwab at that point. 257 00:11:57,200 --> 00:12:00,500 Whether it's through self-serve, automated tools or, you know, 258 00:12:00,700 --> 00:12:04,300 technology driven Solutions or connecting with a an individual 259 00:12:04,300 --> 00:12:08,700 person, you know, the, I'm not trying to make excuses but the 260 00:12:08,700 --> 00:12:12,400 unfortunate scenarios, you know, some of the, the like, we're, 261 00:12:12,400 --> 00:12:14,700 you know, sort of building building things as they go. 262 00:12:14,700 --> 00:12:16,800 And, you know, there we have to support the current operation 263 00:12:16,800 --> 00:12:19,700 and support the future operations and have, you know, 264 00:12:19,800 --> 00:12:21,900 stumbled a time or two. With that. 265 00:12:21,900 --> 00:12:26,700 But you have all the attention and time and energy to really 266 00:12:26,700 --> 00:12:28,200 improve it in a fundamental capacity. 267 00:12:28,500 --> 00:12:30,200 All right. Well, yeah, it makes sense 268 00:12:30,200 --> 00:12:33,700 because I didn't I don't think anybody predicted at least they 269 00:12:33,700 --> 00:12:37,600 would be rich if they predicted that Virginia Tech would explode 270 00:12:37,600 --> 00:12:41,100 like it has over the past couple years, but which leads me to 271 00:12:41,100 --> 00:12:43,700 another subject so we know that M on finance is growing like 272 00:12:43,700 --> 00:12:47,700 crazy and you guys have you're getting you're getting a 273 00:12:47,900 --> 00:12:49,500 investments from Big management firms. 274 00:12:49,800 --> 00:12:51,300 When you going to let us in on the action. 275 00:12:51,500 --> 00:12:53,600 This investment in one when is it going to be something? 276 00:12:53,600 --> 00:12:56,900 Where where you either have a SPAC, you know that you can join 277 00:12:56,900 --> 00:13:01,700 in because I feel like investors would very much like M1. 278 00:13:01,700 --> 00:13:03,500 Finance. I look at some other, look at 279 00:13:03,500 --> 00:13:05,400 some other IPOs and different things. 280 00:13:05,400 --> 00:13:08,100 You have, you know, different ones that I think are inferior 281 00:13:08,100 --> 00:13:11,400 products that get tons of public money right now as it ever been 282 00:13:11,400 --> 00:13:14,600 a thought or you just keeping it keeping it to private 283 00:13:14,600 --> 00:13:18,000 investment. I mean, it's a have two minds of 284 00:13:18,000 --> 00:13:19,100 it. I mean, you know have built the 285 00:13:19,100 --> 00:13:22,500 entire business for personal. Sighs automated choice in the 286 00:13:22,508 --> 00:13:25,700 Investments that you know, want understand and really long-term, 287 00:13:25,700 --> 00:13:28,300 systemic investing in those Securities that you want to 288 00:13:28,300 --> 00:13:30,700 invest in. I would love nothing more than 289 00:13:30,700 --> 00:13:32,900 our user base to be able to invest in and one company. 290 00:13:32,900 --> 00:13:34,800 And, you know, the promise that we're making is, we're building 291 00:13:34,800 --> 00:13:38,100 M1 to be a durable, large financial institution that grows 292 00:13:38,100 --> 00:13:39,900 for for incredibly long periods of time. 293 00:13:39,900 --> 00:13:41,400 And that's what we're building towards. 294 00:13:42,300 --> 00:13:46,900 I think the soap like that side of my brain is absolutely, would 295 00:13:46,900 --> 00:13:50,200 love to be able to offer that. The other side is just the 296 00:13:50,200 --> 00:13:52,500 complexity associated with being Bloke in the rules and 297 00:13:52,500 --> 00:13:55,400 regulations associated with it and sort of the distraction to 298 00:13:55,400 --> 00:13:58,000 the company. As we're trying to really build 299 00:13:58,000 --> 00:14:01,400 a lot of the foundational stuff. And so unfortunately like every 300 00:14:01,400 --> 00:14:04,300 time we've entertained it, the cost of going public have been 301 00:14:04,300 --> 00:14:08,100 too high where it's we're better served being private for now and 302 00:14:08,100 --> 00:14:11,100 being able to be 100% focus and heads down on improving the 303 00:14:11,108 --> 00:14:13,800 customer experience and building out product and infrastructure 304 00:14:13,800 --> 00:14:15,900 and you know, everything that will support the organization 305 00:14:15,900 --> 00:14:20,800 for many years to come. So, you know, it's it's those 306 00:14:20,800 --> 00:14:23,100 two things. That tension of wanting to have 307 00:14:23,100 --> 00:14:26,100 the ability to offer him one as a product, but then just sort of 308 00:14:26,100 --> 00:14:28,000 the cost and complexity associated with it. 309 00:14:28,200 --> 00:14:30,700 Okay, but I mean, spec Mania is definitely real. 310 00:14:30,700 --> 00:14:33,600 We get hit up from a lot of these facts answers. 311 00:14:33,600 --> 00:14:37,400 And if, if you're looking for a time to sell to sell em, one 312 00:14:37,400 --> 00:14:40,100 out, this is the time to do it because there's a lot of 313 00:14:40,100 --> 00:14:44,200 companies that I think, I just, I look at the different fintechs 314 00:14:44,200 --> 00:14:47,300 coming up and obviously there's a huge demand in the market 315 00:14:47,300 --> 00:14:51,100 right now, for any good Equity. People are looking for Quality I 316 00:14:51,100 --> 00:14:54,000 can Someone find out to be a much higher quality better than 317 00:14:54,200 --> 00:14:56,300 than some of them in the market right now that are getting 318 00:14:56,300 --> 00:14:59,500 crazy, crazy valuations and stuff. 319 00:14:59,500 --> 00:15:03,700 So interesting, but it does make sense, because if you're going 320 00:15:03,700 --> 00:15:06,400 public, there is a lot of, a lot of red tape at it to a lot of 321 00:15:06,408 --> 00:15:08,000 things you have to do in the first place. 322 00:15:08,400 --> 00:15:09,600 Yeah, for sure. I appreciate that. 323 00:15:09,600 --> 00:15:11,900 And, you know, I hope that's a be the case that we're building, 324 00:15:12,100 --> 00:15:15,400 you know, very strong durable company that that exists for the 325 00:15:15,700 --> 00:15:18,100 long term. I think our perspective, like, 326 00:15:18,200 --> 00:15:21,400 the nice thing is we now have the cash where we don't really I 327 00:15:21,408 --> 00:15:23,800 have to worry about the next couple years from 0, what 328 00:15:23,800 --> 00:15:25,000 happens, from a price perspective. 329 00:15:25,000 --> 00:15:27,100 We have all the money we need to to build thing. 330 00:15:27,100 --> 00:15:30,000 We just need to execute on it. And so being able to, you know, 331 00:15:30,500 --> 00:15:33,300 focus on making the Investments hiring the right team and not 332 00:15:33,300 --> 00:15:37,600 having, you know, the whims of the markets are distract people 333 00:15:37,600 --> 00:15:41,600 from a day-to-day basis, but I do think there is a big macro 334 00:15:41,600 --> 00:15:44,200 trend of fintechs, I think going to be huge or that, you know, 335 00:15:44,800 --> 00:15:48,200 technology can better serve people's finances than how it's 336 00:15:48,200 --> 00:15:49,700 been sort of historically whether that's, you know, 337 00:15:49,700 --> 00:15:51,300 face-to-face, interactions or be a big thing. 338 00:15:51,600 --> 00:15:54,500 It's in the like and so I think the category is going to be 339 00:15:54,600 --> 00:15:56,900 massive. I do think there are some okay, 340 00:15:56,900 --> 00:15:59,600 there will be winners and losers within that that pocket, right 341 00:15:59,600 --> 00:16:02,300 for sure, and that that is one. One question. 342 00:16:02,300 --> 00:16:04,400 I had was fintech will be massive. 343 00:16:04,400 --> 00:16:06,800 I think most people have bought into that Vision because I use 344 00:16:06,800 --> 00:16:09,500 the tools and, you know that, you know, you know, using stuff 345 00:16:09,500 --> 00:16:12,200 like venmo to pay for things as much quicker than what we did 346 00:16:12,200 --> 00:16:17,100 before, you know, using m 1 bar 0, it's such a cheap rate 347 00:16:17,100 --> 00:16:20,400 compared to anything. Yeah, so everybody's used a tool 348 00:16:20,400 --> 00:16:22,200 to understand that. Value of it. 349 00:16:22,800 --> 00:16:25,400 And there's this huge surge of fintech over the past couple 350 00:16:25,400 --> 00:16:28,800 years as you have millions of millions of new retail investors 351 00:16:28,800 --> 00:16:32,600 into the market and just on the subject of fintech in general. 352 00:16:32,900 --> 00:16:37,600 There's people like Kathy would that says, these are going to 353 00:16:37,600 --> 00:16:41,300 replace Banks and she says it very like matter fact, like the 354 00:16:41,300 --> 00:16:44,400 big Banks Bank of America, JP Morgan, City bank Wells, Fargo, 355 00:16:44,400 --> 00:16:46,700 Etc. She thinks Square PayPal. 356 00:16:46,700 --> 00:16:50,500 These type of companies are just going to overtake the amount of 357 00:16:50,500 --> 00:16:52,800 customers and Really eat away at these Banks. 358 00:16:52,800 --> 00:16:56,100 And there's other people to, to mothball yappity has said in 359 00:16:56,100 --> 00:16:58,500 other terms that the banks are pretty much done over time. 360 00:16:58,800 --> 00:17:02,700 What is your like, just kind of looking out in the future. 361 00:17:02,700 --> 00:17:06,300 Do you see, do you share that kind of vision that fintech will 362 00:17:06,300 --> 00:17:09,099 either, just keep eating away at Banks profits, and their 363 00:17:09,099 --> 00:17:11,800 customers and their client base, or will they kind of work with 364 00:17:11,800 --> 00:17:13,000 them? Or how do you see that playing 365 00:17:13,000 --> 00:17:16,000 out? I sort of follow in the 366 00:17:16,000 --> 00:17:20,700 combination of both sort of that wishy-washy, both anti-type 367 00:17:20,700 --> 00:17:23,500 perspective. If you look like, you know, we 368 00:17:23,900 --> 00:17:26,099 mentioned Charles Schwab and Vanguard as you know, sort of 369 00:17:26,108 --> 00:17:29,300 disrupting the the old players Vanguard came about and it's not 370 00:17:29,300 --> 00:17:32,700 like mutual funds are gone, you know, if they still exist in a 371 00:17:32,708 --> 00:17:35,000 very fundamental capacity, is just a lot of the world has 372 00:17:35,000 --> 00:17:37,000 moved to pass it, you know, it was a better idea, better 373 00:17:37,000 --> 00:17:39,200 product better pricing. And so, you know, there's a 374 00:17:39,300 --> 00:17:43,600 seismic shift over time. And if I were, you know, I bet 375 00:17:43,600 --> 00:17:47,000 on passive ETS more than I bet on mutual funds, long-term and 376 00:17:47,000 --> 00:17:49,200 same thing with, you know, Charles Schwab, it's Morgan. 377 00:17:49,200 --> 00:17:51,400 Stanley and Merrill Lynch were the outdated incumbents. 378 00:17:51,400 --> 00:17:54,600 At that point Charles Schwab is, you know, a hundred billion 379 00:17:54,600 --> 00:17:55,900 dollar company now is just Morgan. 380 00:17:55,900 --> 00:17:57,500 Stanley Merrill Lynch were also a hundred billion dollar 381 00:17:57,500 --> 00:17:59,200 companies. And so when you look at this in 382 00:17:59,200 --> 00:18:01,700 like a sort of financial service, I think is more 383 00:18:01,700 --> 00:18:05,900 generational where you know a person who is 60 and has a 384 00:18:05,900 --> 00:18:09,700 Schwab account and two million bucks on their truthfully is 385 00:18:09,700 --> 00:18:13,200 likely going to have a shop account for the next. 20 years 386 00:18:13,200 --> 00:18:16,100 of their life, 25 years of their life and it's partly going to 387 00:18:16,100 --> 00:18:19,600 grow with the the market and so it's really sort of more of a 388 00:18:19,600 --> 00:18:23,400 generational thing of as the people who are 20s 30s and 40s. 389 00:18:23,400 --> 00:18:25,600 They're going to sign up for the newer players, the better 390 00:18:25,600 --> 00:18:28,400 players the the more forward-thinking players. 391 00:18:28,500 --> 00:18:30,400 They're going to put their money in there and then all of those 392 00:18:30,400 --> 00:18:34,900 are going to sort of build up as the the asset growth happens. 393 00:18:34,900 --> 00:18:37,000 The income growth happens, the purchasing power. 394 00:18:37,000 --> 00:18:40,300 So it you know, it is more of a generational play than a you 395 00:18:40,300 --> 00:18:43,200 know, hey, JP Morgan. Chase is going to Zero and five 396 00:18:43,200 --> 00:18:45,700 years. I think that's that's a hard 397 00:18:45,700 --> 00:18:48,300 thing to imagine. If they like said another way of 398 00:18:48,300 --> 00:18:50,300 JP Morgan doesn't sign up another customer. 399 00:18:50,400 --> 00:18:52,600 They're going to be a big company for the next 20 years, 400 00:18:52,600 --> 00:18:56,500 you know, it would take a long time for even just their user 401 00:18:56,500 --> 00:18:58,700 base to to. Well. 402 00:18:58,700 --> 00:19:02,000 Yeah, they have so much. It seems like all the fintechs 403 00:19:02,000 --> 00:19:04,100 have a lot of, they do a lot of transactions. 404 00:19:04,200 --> 00:19:07,200 They have a lot of transactional volume, but it seems like the 405 00:19:07,208 --> 00:19:10,600 big banks have a lot of assets, they control, at least I have a 406 00:19:10,608 --> 00:19:14,100 lot of assets under management. The other thing that I would say 407 00:19:14,100 --> 00:19:17,700 is fintech in like all these fintech players are not going to 408 00:19:17,700 --> 00:19:19,900 be even competitive with the bank. 409 00:19:19,900 --> 00:19:23,000 Until they convinced the person with a hundred thousand two 410 00:19:23,008 --> 00:19:25,000 hundred fifty thousand five hundred thousand dollars to 411 00:19:25,000 --> 00:19:28,200 trust them with their money. And if in the mental mind of the 412 00:19:28,200 --> 00:19:31,400 consumer, it's still you know, hey, I'll use this as the fun 413 00:19:31,400 --> 00:19:33,000 tool in the financial entertainment. 414 00:19:33,000 --> 00:19:36,000 But then once I get telling you for sums of money, yeah, you 415 00:19:36,000 --> 00:19:39,500 know, I move over that, that needs to be broken down for 416 00:19:39,700 --> 00:19:42,000 fintech to win out and I think that's what M1. 417 00:19:42,000 --> 00:19:43,800 Really. This is substantively on. 418 00:19:43,900 --> 00:19:47,900 How are we? Like truly managing money better 419 00:19:47,900 --> 00:19:50,000 than any Solution on the marketplace today? 420 00:19:50,200 --> 00:19:53,600 And why is it the better option for anybody with any amount of 421 00:19:53,600 --> 00:19:54,800 assets? Whether you're starting out with 422 00:19:54,800 --> 00:19:57,100 a hundred dollars or you have half a million, we need to be 423 00:19:57,100 --> 00:20:00,200 able to compete and say, our product is, you know better for 424 00:20:00,200 --> 00:20:02,400 a variety of reasons, and less expensive for a variety of 425 00:20:02,400 --> 00:20:04,700 reasons, against all the incumbent players. 426 00:20:04,700 --> 00:20:07,700 And that that's the only way that you can actually take 427 00:20:07,700 --> 00:20:09,700 market share from the these big incumbents. 428 00:20:10,000 --> 00:20:14,100 Do you see on your platform? User behavior that mimics that 429 00:20:14,100 --> 00:20:16,500 where people get to a certain like they get to like a hundred 430 00:20:16,500 --> 00:20:18,900 thousand dollars or fifty thousand dollars and then they 431 00:20:18,900 --> 00:20:22,000 move it over to like a big guy cuz they're like, okay now I 432 00:20:22,008 --> 00:20:24,100 have this isn't just play money anymore. 433 00:20:24,100 --> 00:20:26,900 Now, I need to put it on something more secure, right? 434 00:20:27,200 --> 00:20:29,500 Or do you see them like sticking with it? 435 00:20:29,700 --> 00:20:33,900 I guess TCH earn when they hit a certain a certain amount 436 00:20:34,600 --> 00:20:37,000 truthfully know. If anything it's quite the 437 00:20:37,000 --> 00:20:40,300 opposite that over a third, you know two-thirds of our assets 438 00:20:40,300 --> 00:20:42,400 have been just cash deposits in the black. 439 00:20:42,500 --> 00:20:44,400 Form. So people, you know, like 440 00:20:45,100 --> 00:20:47,900 depositing via ACH. The other one third is bringing 441 00:20:47,900 --> 00:20:49,800 over assets from other brokerage accounts. 442 00:20:49,900 --> 00:20:52,400 And so, you know, the person with the quarter million dollar 443 00:20:52,400 --> 00:20:54,200 account that the typical use cases. 444 00:20:54,400 --> 00:20:56,900 They try am one with 1000 or 5000 or 10,000. 445 00:20:56,900 --> 00:20:59,200 Try it out for three, four months and then they bring over 446 00:20:59,200 --> 00:21:01,900 their Fidelity account. And so that, you know, is where 447 00:21:01,900 --> 00:21:04,200 the bulk of their assets, the bulk of their money is and 448 00:21:04,200 --> 00:21:06,900 that's what buoys up are a, um, and a very meaningful capacity. 449 00:21:07,500 --> 00:21:11,000 And so, if anything, we are seeing the opposite of people 450 00:21:11,000 --> 00:21:13,600 are almost like nervous. To try them on and so they try 451 00:21:13,600 --> 00:21:15,700 it out with smaller sums of money, but then once they get 452 00:21:15,700 --> 00:21:18,000 comfortable and they are saying, wow, this is a better more 453 00:21:18,000 --> 00:21:20,800 intuitive, more straightforward, lower cost more automated way to 454 00:21:20,800 --> 00:21:24,100 manage my money. It makes sense to move from a 455 00:21:24,500 --> 00:21:27,400 legacy solution. That makes sense. 456 00:21:27,400 --> 00:21:32,900 I think, I don't personally think that younger people 457 00:21:33,200 --> 00:21:35,600 Millennials younger anybody in that range. 458 00:21:35,700 --> 00:21:37,600 I don't think they're gonna have much of a problem, trusting 459 00:21:37,600 --> 00:21:40,100 fintech companies. Ultimately, but I don't see a 460 00:21:40,100 --> 00:21:44,100 lot of people already in Kermit taking the retirement out and 461 00:21:44,100 --> 00:21:45,500 putting in something like I'm on finance. 462 00:21:46,100 --> 00:21:47,900 So it does seem like a generation thing. 463 00:21:47,900 --> 00:21:52,000 So you think it'll be more of like a kind of slow bleed away 464 00:21:52,000 --> 00:21:54,900 from older Banks and then the growth of fintech slowly over 465 00:21:54,900 --> 00:21:56,400 time. Kind of like what we're seeing 466 00:21:56,400 --> 00:22:00,500 with like cable and streaming. Just a shift from a new 467 00:22:00,500 --> 00:22:03,400 technology to an old like an old technology to a newer one. 468 00:22:04,000 --> 00:22:04,600 Yeah. For sure. 469 00:22:04,600 --> 00:22:07,700 I think, you know people the good and bad thing about 470 00:22:07,700 --> 00:22:10,200 financial services is people are pretty complacent and you know, 471 00:22:10,200 --> 00:22:12,400 whatever they use is sort of what they're comfortable. 472 00:22:12,700 --> 00:22:16,300 And so I think a lot of the, like more damning statistics are 473 00:22:16,400 --> 00:22:18,800 the bank that you use is the one that was closest to your house 474 00:22:18,800 --> 00:22:20,400 when you signed up for a bank account. 475 00:22:20,600 --> 00:22:23,500 And, and I think that's migrating more as we move to, 476 00:22:24,200 --> 00:22:27,800 you know, digital Nationwide distribution and people will 477 00:22:27,800 --> 00:22:30,400 look and seek out the best and whatever they, you know, will be 478 00:22:30,400 --> 00:22:33,800 the best is what they select. And if it continues to be the 479 00:22:33,800 --> 00:22:36,200 best, that's where they'll manage their money. 480 00:22:36,400 --> 00:22:40,600 But if you look at the, you know, it's hard for a 30 year 481 00:22:40,600 --> 00:22:42,300 old to compete with a 60 year old in terms. 482 00:22:42,400 --> 00:22:44,400 Of you know, how much money do they have to their name? 483 00:22:44,400 --> 00:22:47,100 Because I've had, you know, 8 10 years of earning power whereas 484 00:22:47,100 --> 00:22:49,100 the six-year-old has had 40 Years of earning power. 485 00:22:49,100 --> 00:22:53,100 And so, you know, it is just a sort of Natural Evolution of how 486 00:22:53,100 --> 00:22:56,200 assets are buildup in the United States of you graduate high 487 00:22:56,200 --> 00:22:58,500 school or college with little to no assets. 488 00:22:58,500 --> 00:23:00,800 May be in debt, you build up to retirement and then you draw 489 00:23:00,800 --> 00:23:05,600 down and so it's I do think the where money is held as more of 490 00:23:05,600 --> 00:23:08,800 a, like cyclical nature, but people are going to seek out the 491 00:23:08,800 --> 00:23:12,000 best tools available and I don't like you were saying, you know, 492 00:23:12,500 --> 00:23:15,100 Under people are more trusting of Technology solution. 493 00:23:15,100 --> 00:23:16,500 I think they're distrusting of banks. 494 00:23:16,500 --> 00:23:21,200 You know, I think they're more willing to, you know, trust any 495 00:23:21,200 --> 00:23:23,700 of the fintech players or in Facebook, Amazon, Netflix, 496 00:23:23,700 --> 00:23:28,000 Google with things than using a old Legacy solution. 497 00:23:28,000 --> 00:23:32,000 I think the tech forward forward thinking mentality just resonate 498 00:23:32,000 --> 00:23:33,700 a lot more with them. All right? 499 00:23:33,700 --> 00:23:38,000 Well, the the next subject on this on the same subject with 500 00:23:38,400 --> 00:23:39,900 fintech and the growth of it overall. 501 00:23:40,400 --> 00:23:42,300 I'm we've seen what's happened over the past. 502 00:23:42,400 --> 00:23:45,900 Ten months with a surge of interest, in retail investors 503 00:23:45,900 --> 00:23:47,700 entering the market. We have, we have the whole 504 00:23:47,700 --> 00:23:52,000 GameStop drama and I was wondering some thoughts on that. 505 00:23:52,000 --> 00:23:54,100 Like, what are you? What did you think watching that 506 00:23:54,100 --> 00:23:55,600 back? Do you think it played out 507 00:23:55,600 --> 00:23:58,700 fairly for Robin Hood? Kind of being the bad guy in 508 00:23:58,700 --> 00:24:02,100 that situation. They took a lot of flak with 509 00:24:02,100 --> 00:24:04,700 selling order flows. They took flak with stopping 510 00:24:04,700 --> 00:24:07,500 trades. They take a lot of flack for not 511 00:24:07,900 --> 00:24:10,800 not I guess protecting the investor and I wanted to know 512 00:24:10,800 --> 00:24:13,700 your thoughts on that overall, like You think when when 513 00:24:13,700 --> 00:24:16,700 Congress are, you know, that Capitol Hill, they're going and 514 00:24:16,700 --> 00:24:20,800 they're taking it to Vlad from Robin Hood saying, you're 515 00:24:20,800 --> 00:24:22,700 allowing them to do all these crazy things. 516 00:24:22,700 --> 00:24:24,800 You know, some of them are on the side of saying, you need to 517 00:24:25,500 --> 00:24:27,000 clamp down on these type of things. 518 00:24:27,500 --> 00:24:29,300 What were your thoughts when you're watching that? 519 00:24:30,600 --> 00:24:32,700 Um, It's a combination of a lot of things. 520 00:24:32,700 --> 00:24:36,500 I mean, you know, there's like healthy competition and 521 00:24:36,500 --> 00:24:39,100 camaraderie between the fintech companies. 522 00:24:39,100 --> 00:24:42,000 And so, you know, there's like mixed mixed opinions anytime 523 00:24:42,000 --> 00:24:44,000 something happens to and a competitor. 524 00:24:44,000 --> 00:24:46,600 I think Robin Hood's donut a ton of fantastic things. 525 00:24:46,600 --> 00:24:49,600 I think they brought cost down across the entire industry. 526 00:24:49,600 --> 00:24:52,300 They've increased the entire user experience threshold. 527 00:24:52,300 --> 00:24:55,700 They proved out people will trust spintax with no 528 00:24:55,700 --> 00:25:00,000 substantive money and they have a massive user base and the like 529 00:25:00,300 --> 00:25:02,800 Associate with it. I think some of the things that 530 00:25:02,800 --> 00:25:04,800 they were critiqued for. We're not fair. 531 00:25:04,900 --> 00:25:07,100 I think, you know, payment for order flow is sort of a in the 532 00:25:07,100 --> 00:25:10,300 weeds type subject, but I actually do think it helps the 533 00:25:10,300 --> 00:25:14,000 overall environment more than it hurts or two tracks from it. 534 00:25:14,400 --> 00:25:18,200 Some of the like, you know, like weirder things that they're 535 00:25:18,200 --> 00:25:20,700 getting brought in front of Congress for it, you know, we 536 00:25:20,700 --> 00:25:23,100 can talk about specifics and can give perspective on that. 537 00:25:23,300 --> 00:25:26,700 I do think like we're the two things that if you know where to 538 00:25:26,700 --> 00:25:30,300 start say how M1 differs. I do think Robin Hood has a A 539 00:25:30,308 --> 00:25:34,400 Trader mentality, and they sort of they encourage frequent 540 00:25:34,400 --> 00:25:37,200 trading turning over the portfolio levered bent with 541 00:25:37,200 --> 00:25:39,400 options. Whereas M1 is much more 542 00:25:39,700 --> 00:25:42,100 investing mindset of, you're buying ownership stakes in 543 00:25:42,100 --> 00:25:44,900 companies or asset classes. And you're trying to benefit 544 00:25:44,900 --> 00:25:47,400 from the value accretion over long periods of time. 545 00:25:47,400 --> 00:25:49,900 And those are just ver they all start with the same thing of 546 00:25:49,900 --> 00:25:52,100 buying a security but they're very different Madden sets of 547 00:25:52,100 --> 00:25:54,200 why you're doing it in your time Horizon. 548 00:25:54,500 --> 00:25:57,700 And so I think there's, you know, we just view the world a 549 00:25:57,708 --> 00:25:59,800 little differently than Robin Hood. 550 00:26:00,300 --> 00:26:02,900 And I think Robin Hood, you know, and I think Vlad would 551 00:26:03,100 --> 00:26:06,700 admit to it. Didn't communicate the best that 552 00:26:06,800 --> 00:26:08,800 you know, all the interviews leading up to it. 553 00:26:08,900 --> 00:26:11,100 Yeah, exactly. I think they should have been 554 00:26:11,100 --> 00:26:15,300 more transparent from the beginning of the real root cause 555 00:26:15,300 --> 00:26:16,400 of the issue. Why? 556 00:26:16,400 --> 00:26:19,800 And I think you know and even if they did that I think there are 557 00:26:20,300 --> 00:26:23,800 real critiques to have there, but I think they sort of dug a 558 00:26:23,808 --> 00:26:26,500 hole from themselves by being wishy-washy. 559 00:26:26,500 --> 00:26:30,300 Not getting to the heart of the issue and it led the The 560 00:26:30,300 --> 00:26:32,600 narratives are run astray, that it felt like, you know, the 561 00:26:32,600 --> 00:26:36,100 suits versus the little guy and they just however, they message 562 00:26:36,100 --> 00:26:40,900 it sort of played into that. I do think like, Even with how 563 00:26:40,900 --> 00:26:46,300 things truly played out. It's not fully understood and 564 00:26:46,700 --> 00:26:51,600 you know, I think like if but, you know have mixed opinions on 565 00:26:51,600 --> 00:26:54,400 whether it even should because it is sort of the depths of the 566 00:26:54,400 --> 00:26:57,400 clearing industry and capital requirements and part due to 567 00:26:57,400 --> 00:27:01,200 regulation part due to company capitalization part due to the 568 00:27:01,500 --> 00:27:03,000 behaviors that they're encouraging and the like. 569 00:27:03,000 --> 00:27:06,000 And so I do think it's a pretty complicated topic but you know, 570 00:27:06,000 --> 00:27:09,400 in the in the media, it's sort of bad guys versus good guys. 571 00:27:09,600 --> 00:27:14,000 Sort of pick a side. So it's a Nuance is not loved in 572 00:27:14,000 --> 00:27:18,300 the narrative media narratives. All right, so there, I think the 573 00:27:18,300 --> 00:27:21,700 big criticism for them is that they're like, like you said, 574 00:27:21,700 --> 00:27:26,000 like encouraging short term gamification, this type of 575 00:27:26,000 --> 00:27:27,800 thing. I know, obviously, I'm on 576 00:27:27,800 --> 00:27:31,700 finance is a more long-term like, like ownership oriented 577 00:27:31,700 --> 00:27:34,500 platform. How do you plan on? 578 00:27:34,600 --> 00:27:37,600 When you see, I can't remember the exact statistic off the top 579 00:27:37,600 --> 00:27:41,800 of my head, but after the Game Stop drama was as kind of 580 00:27:41,800 --> 00:27:44,100 unfolding. There is some days where Robin 581 00:27:44,100 --> 00:27:46,500 Hood was getting millions of downloads per day on the App 582 00:27:46,500 --> 00:27:49,000 Store. It was a top one on iOS, and 583 00:27:49,000 --> 00:27:51,500 most of those people and this is my experience as well. 584 00:27:51,700 --> 00:27:54,200 We're being asked like, hey, what do you think of GameStop 585 00:27:54,200 --> 00:27:57,100 people that have never talked to me about an investing or stocks 586 00:27:57,100 --> 00:28:00,400 ever before, and they're asking me about that, like, personal 587 00:28:00,400 --> 00:28:03,700 friends, I have and stuff. So you see the same attitude of 588 00:28:03,700 --> 00:28:05,800 people now downloading their First Financial app? 589 00:28:06,000 --> 00:28:08,500 After this explosive drama because it's caught mainstream 590 00:28:08,500 --> 00:28:12,300 attention. I'm how do you with everybody 591 00:28:12,300 --> 00:28:14,900 interested in it? But they're doing short term. 592 00:28:14,900 --> 00:28:17,400 Most likely they're going to lose money doing this type of 593 00:28:17,400 --> 00:28:19,200 thing. How do you bring them over to a 594 00:28:19,208 --> 00:28:21,500 long-term mindset? Like how do you look at all 595 00:28:21,508 --> 00:28:25,100 these new people in the market? Is there any type of strategy to 596 00:28:25,100 --> 00:28:28,300 say there's obviously a lot of new, you know, a lot of new 597 00:28:28,300 --> 00:28:30,900 potential long-term investors. How do we get them into a 598 00:28:31,400 --> 00:28:34,200 mindset that fits better with long-term wealth creation. 599 00:28:37,800 --> 00:28:41,000 It's tough. You know, it like a VC that I 600 00:28:41,000 --> 00:28:43,100 followed. I don't remember exactly who it 601 00:28:43,100 --> 00:28:44,900 was. But once said that, it's easier 602 00:28:44,900 --> 00:28:46,900 to sell candy than it is vitamins. 603 00:28:47,300 --> 00:28:51,700 And I think it's sort of that mentality that, you know, like 604 00:28:52,300 --> 00:28:54,100 Robin Hood. If you equate it to different, 605 00:28:54,100 --> 00:28:58,300 big is selling a sugary snack versus a substitute meal and you 606 00:28:58,308 --> 00:29:01,200 know, that's fine. You know, it's there's a market 607 00:29:01,200 --> 00:29:02,500 for that. There's a demand for that. 608 00:29:02,500 --> 00:29:04,700 I do think there's where I have issues. 609 00:29:04,900 --> 00:29:08,800 Is when you claim you're doing otherwise, if you're trying to 610 00:29:08,800 --> 00:29:12,100 sell frequent trading, you're encouraging it and you're saying 611 00:29:12,100 --> 00:29:14,300 that this is benefiting people for the long-term wealth, 612 00:29:14,300 --> 00:29:16,200 building wealth creation. I think there's a little bit of 613 00:29:16,200 --> 00:29:20,700 a mismatch there and you know, so it's if people like people 614 00:29:20,700 --> 00:29:23,300 are more interested in the ability to make a quick Buck, 615 00:29:23,600 --> 00:29:26,500 you know, make money fast. It's why casinos make a ton of 616 00:29:26,508 --> 00:29:28,000 money. It's why the lottery make a ton 617 00:29:28,000 --> 00:29:30,000 of money. Those are not Avenues or 618 00:29:30,000 --> 00:29:32,100 strategies, that I would ever recommend to a family or 619 00:29:32,100 --> 00:29:34,000 friends. So say, hey, this is how you 620 00:29:34,000 --> 00:29:36,500 should think. Think about money and build 621 00:29:36,500 --> 00:29:37,900 wealth over long periods of time. 622 00:29:38,200 --> 00:29:41,800 I think it's, you know, you know, if someone came to me and 623 00:29:41,800 --> 00:29:44,700 said, you know, hey, I'm like starting to build up assets. 624 00:29:44,700 --> 00:29:47,300 I need to think about it. The first thing I said you 625 00:29:47,300 --> 00:29:50,300 should do is create an IRA. So tax-advantaged account. 626 00:29:50,300 --> 00:29:52,600 You can grow, you know, long term for retirement. 627 00:29:52,600 --> 00:29:56,500 And I think it's telling that some of these trading platforms 628 00:29:56,600 --> 00:29:59,000 will have levered options, but they don't have Ira accounts. 629 00:29:59,000 --> 00:30:01,500 And so, you know, you can turn talking to one side of their 630 00:30:01,500 --> 00:30:03,900 mouth of it helping the individual investor, but you 631 00:30:03,900 --> 00:30:08,900 know, but Since pay more is maybe one way to look at it. 632 00:30:08,900 --> 00:30:13,000 And so, you know, have fun. Do you ever plan on having 633 00:30:13,000 --> 00:30:15,400 something like options on I'm on finance or any type of 634 00:30:15,700 --> 00:30:19,400 time-sensitive tools? Yeah. 635 00:30:19,400 --> 00:30:22,400 I think we would absolutely be open to it for more investor 636 00:30:22,400 --> 00:30:24,600 flexibility that, you know, we're trying to really give the 637 00:30:24,600 --> 00:30:26,900 people tools to manage their own finances. 638 00:30:26,900 --> 00:30:29,200 How they won. I do you think we would never 639 00:30:29,200 --> 00:30:33,100 gear it towards, like, you know, selling Weekly's or short-term 640 00:30:33,100 --> 00:30:36,400 option trading? Because I just It's not our DNA. 641 00:30:36,400 --> 00:30:40,700 It's not how we think, the, you know, like what we want to spend 642 00:30:40,700 --> 00:30:43,500 time and energy to help people benefit their finances. 643 00:30:43,700 --> 00:30:47,000 I do think we there are real electron uses of options, 644 00:30:47,000 --> 00:30:51,200 whether it's hedging a portfolio or adding additional income with 645 00:30:51,200 --> 00:30:53,400 covered calls and the like, and so, I think we, if we were to 646 00:30:53,400 --> 00:30:56,300 move into it. It's a perfectly good tool and 647 00:30:56,300 --> 00:30:57,900 it's really just the application of it. 648 00:30:57,900 --> 00:30:59,300 I think we would always have the application. 649 00:30:59,300 --> 00:31:03,000 Be more long-term oriented. How are you, you know, 650 00:31:03,000 --> 00:31:06,700 protecting against risk. Adding additional income streams 651 00:31:06,700 --> 00:31:11,800 in the like versus, you know, how can you make hopefully a lot 652 00:31:11,800 --> 00:31:15,600 of money on Thursday, you know, and so I think it's just a 653 00:31:15,600 --> 00:31:19,700 little bit of a different mindset and, you know, both 654 00:31:19,700 --> 00:31:23,000 should be available on the market and both people should 655 00:31:23,900 --> 00:31:25,800 both like firms should get customers. 656 00:31:25,800 --> 00:31:29,300 And customers can vote with their feet on what to use. 657 00:31:29,300 --> 00:31:30,800 You were asking about your how do you do it? 658 00:31:30,800 --> 00:31:34,100 I think it's just being honest to what we're trying to do. 659 00:31:34,100 --> 00:31:37,500 We're we're not trying to do the financial entertainment. 660 00:31:37,500 --> 00:31:41,300 It we're not trying to you know, like have Mannix wings of you 661 00:31:41,300 --> 00:31:44,300 know, hey, this is worth nothing on Monday and a ton on Thursday 662 00:31:44,300 --> 00:31:47,400 or vice versa and you know sort of encourage that behavior were 663 00:31:47,400 --> 00:31:51,500 saying the truest way to build and accumulate wealth is to have 664 00:31:51,500 --> 00:31:54,800 ownership stakes in valuable things that appreciate over 665 00:31:54,800 --> 00:31:57,300 time. And so we're sort of that's our 666 00:31:57,300 --> 00:31:59,800 ethos or mentality. We try to reduce cost for 667 00:32:00,000 --> 00:32:02,300 borrowing money and try to give you a very flexible terms. 668 00:32:02,500 --> 00:32:05,800 And so, you know, we I think we have Principles that we live by, 669 00:32:05,800 --> 00:32:07,300 and that's the product that we're going to create. 670 00:32:07,300 --> 00:32:11,200 We know that that's not going to be attractive to some people, 671 00:32:11,400 --> 00:32:13,700 but the people that that is attracted to, I think we're 672 00:32:13,700 --> 00:32:15,300 going to create the best tool on the market place. 673 00:32:15,900 --> 00:32:17,800 Okay. Yeah, it does seem like a lot 674 00:32:17,800 --> 00:32:20,100 like that side of it. The short-term side will always 675 00:32:20,100 --> 00:32:23,400 exist. It seemed like it seemed like, 676 00:32:23,400 --> 00:32:28,700 from the meetings, at least what what the Congress was saying to 677 00:32:28,700 --> 00:32:31,400 them, at least, to me. It came across like, they're 678 00:32:31,400 --> 00:32:34,300 like, hey, we need to protect these people and, you know, give 679 00:32:34,300 --> 00:32:36,300 them. I don't know if it's restrict 680 00:32:36,300 --> 00:32:38,700 their options and their availability to do different 681 00:32:38,700 --> 00:32:42,600 things or to get like more stern warnings, right to have some 682 00:32:42,600 --> 00:32:44,300 type of like, you know, on cigarettes. 683 00:32:44,300 --> 00:32:47,800 You have the cancer morning. If you have a super short term 684 00:32:47,800 --> 00:32:50,300 option, you can have some big warning saying, you can lose a 685 00:32:50,308 --> 00:32:53,500 lot of money doing this. So you don't think that they're 686 00:32:55,000 --> 00:32:57,800 either, think that both sides will always be exist, but you're 687 00:32:57,800 --> 00:32:59,900 going to always lean on the side of long-term. 688 00:33:01,100 --> 00:33:04,500 Yeah, you know it's an interesting like sort of 689 00:33:04,500 --> 00:33:06,700 philosophical. Question of should someone be 690 00:33:07,200 --> 00:33:09,800 able to you know, go take a ten dollar bill and light it on fire 691 00:33:09,800 --> 00:33:12,400 their backyard, you know, and I wouldn't say that's like a good 692 00:33:12,400 --> 00:33:15,200 strategy but should they be able to do it? 693 00:33:15,300 --> 00:33:18,600 Probably, you know, probably above my pay grade is maybe they 694 00:33:18,600 --> 00:33:20,100 are the better answer to that. I do. 695 00:33:20,100 --> 00:33:25,100 You think options there. What's interesting in options is 696 00:33:25,100 --> 00:33:27,000 there they are. Complicated products their 697 00:33:27,000 --> 00:33:30,500 levered bats. You have the ability to make and 698 00:33:30,600 --> 00:33:33,600 Is Meaningful amount of money in short periods of time. 699 00:33:34,400 --> 00:33:37,800 I do think it's incumbent from a like product design perspective 700 00:33:37,800 --> 00:33:40,800 to Showcase that as you're bringing customers in and and 701 00:33:40,800 --> 00:33:42,900 you know, doing that. And so like whether there should 702 00:33:42,900 --> 00:33:45,400 be laws or rules against it. I do think there's an ethical 703 00:33:45,600 --> 00:33:49,100 question associated with it. But then, even on the the rule 704 00:33:49,100 --> 00:33:53,800 standpoint, there are a lot of financial rules on the on the 705 00:33:53,800 --> 00:33:56,200 books already that are around suitability. 706 00:33:56,200 --> 00:33:59,600 So, you know a broker-dealer can't you know, has to ensure 707 00:33:59,600 --> 00:34:03,300 that any Man is suitable for their investor and that takes 708 00:34:03,300 --> 00:34:05,900 into account, their their income, their net worth. 709 00:34:05,900 --> 00:34:09,000 They're investing experience their risk tolerance their time 710 00:34:09,000 --> 00:34:11,600 Horizon than like and I think, you know, there does become a 711 00:34:11,607 --> 00:34:14,500 question of are the rules on the books being enforced of when 712 00:34:14,500 --> 00:34:17,199 someone signs up and they say, I have a low risk tolerance 713 00:34:17,300 --> 00:34:20,100 long-term Horizon. I really can't afford to lose 714 00:34:20,100 --> 00:34:22,699 money. But then I do trade a weekly 715 00:34:22,699 --> 00:34:26,000 option in my account either goes to zero or negative in a short 716 00:34:26,000 --> 00:34:28,800 amount of time. Is that sort of alignment with 717 00:34:28,800 --> 00:34:33,300 what's on the books today? Day, probably not. 718 00:34:33,300 --> 00:34:36,300 Yeah, but you know, yeah as long as I know the so you're saying 719 00:34:36,300 --> 00:34:39,800 as long as they are aware of of the possible outcomes of what 720 00:34:39,800 --> 00:34:41,300 they're doing that it's probably probably. 721 00:34:41,300 --> 00:34:47,199 Okay. Well, I have another question as 722 00:34:47,199 --> 00:34:50,900 future future feature set of em on finance. 723 00:34:51,199 --> 00:34:55,500 Are you planning on doing anything with crypto anything 724 00:34:55,500 --> 00:34:57,000 related to that with them on finance? 725 00:34:58,500 --> 00:35:01,300 At some point, especially, you know, if the market continues 726 00:35:01,300 --> 00:35:05,000 like, it's going to get, seemingly going to continue will 727 00:35:05,000 --> 00:35:07,500 absolutely support something. I think I've said on many 728 00:35:07,500 --> 00:35:10,100 interviews and I would have thought, there'd been a crypto 729 00:35:10,100 --> 00:35:11,600 or Bitcoin ETF. Yeah. 730 00:35:11,800 --> 00:35:14,300 Mateo now. Yeah, exactly. 731 00:35:14,300 --> 00:35:16,100 And, you know, in some sense. I think we were sort of 732 00:35:16,100 --> 00:35:19,200 defaulting into getting crypto for free and just having it work 733 00:35:19,200 --> 00:35:22,800 in our sort of existing platform and not having to engineer 734 00:35:22,800 --> 00:35:24,600 something that new for it. Right? 735 00:35:24,600 --> 00:35:29,400 So, you know, that, that that's been the strategy is Let it come 736 00:35:29,400 --> 00:35:33,200 to us and it hasn't necessarily work all that well, but you 737 00:35:33,200 --> 00:35:36,800 know, if people have an interest in it a demand for it, you know, 738 00:35:36,800 --> 00:35:40,100 they like with they want to put it in as a component of their 739 00:35:40,100 --> 00:35:41,700 portfolio. We absolutely want to support 740 00:35:41,700 --> 00:35:43,200 it. I think it's just more of a 741 00:35:43,200 --> 00:35:47,400 prioritization and timing effort and a thoughtfulness of can we 742 00:35:47,400 --> 00:35:50,600 improve on the solutions that are in the market and turned to 743 00:35:50,600 --> 00:35:53,100 a unique M1? Take on it versus sort of a me 744 00:35:53,100 --> 00:35:55,800 to solution that is available in a lot of different places. 745 00:35:55,800 --> 00:35:57,400 Now, just another place to buy crypto. 746 00:35:57,600 --> 00:35:59,300 Right. Yeah, exactly. 747 00:36:00,200 --> 00:36:05,000 You know we want to, yeah, be additive to the the marketplace 748 00:36:05,000 --> 00:36:07,400 and we think there's a lot of ways that we can do that and, 749 00:36:07,400 --> 00:36:09,000 you know, working on current initiatives there. 750 00:36:09,900 --> 00:36:13,900 I would say that we don't have a, here's how we improve crypto 751 00:36:13,900 --> 00:36:15,000 mindset. Yeah. 752 00:36:15,300 --> 00:36:17,900 Okay. Yeah, I, I was wondering because 753 00:36:17,900 --> 00:36:21,900 I have so many you see. So many, you know, I don't know 754 00:36:21,900 --> 00:36:24,000 what the comedy fintech companies that are just crypto 755 00:36:24,000 --> 00:36:26,200 centered and lending crypto and all this type of stuff. 756 00:36:27,600 --> 00:36:29,500 That it seems like it has a big boom right now. 757 00:36:29,600 --> 00:36:30,900 Who knows, how long that will last. 758 00:36:30,900 --> 00:36:33,700 Some people are very much bought into it for the long term and 759 00:36:33,700 --> 00:36:36,600 think it's going to replace a lot of Finance to go with that. 760 00:36:38,600 --> 00:36:42,100 So you don't have any plans to add it in some people that I 761 00:36:42,100 --> 00:36:44,400 talked about I said, I'm going to buy a crypto ETF when they 762 00:36:44,408 --> 00:36:46,300 come out with one. They're like, oh but that 763 00:36:46,300 --> 00:36:48,900 defeats the point because then you can't act as your own bank, 764 00:36:48,900 --> 00:36:50,900 right? You can't have the like where 765 00:36:50,900 --> 00:36:53,200 you take it out and you have the wallet with it. 766 00:36:54,600 --> 00:36:56,700 I don't really see it. I don't really want to be my own 767 00:36:56,700 --> 00:36:59,300 bank as my issue. She was crypto not something 768 00:36:59,300 --> 00:37:03,000 I've ever wanted to do. So but no it doesn't know plans 769 00:37:03,000 --> 00:37:06,500 with crypto in the future. That's pretty much all the the 770 00:37:06,500 --> 00:37:07,300 questions. I had. 771 00:37:07,300 --> 00:37:11,000 Was there anything anything with em on finance anything that you 772 00:37:11,000 --> 00:37:11,800 want to? Let people know that you're 773 00:37:11,800 --> 00:37:14,300 working on England's me. Share. 774 00:37:14,900 --> 00:37:17,900 Yeah. So the like platform is growing 775 00:37:17,900 --> 00:37:21,700 in a very meaningful clip that, you know, if you want to invest 776 00:37:21,700 --> 00:37:24,800 in a custom portfolio in automate, those Investments and 777 00:37:24,800 --> 00:37:28,100 one is by far the best part products on the Lacey. 778 00:37:28,100 --> 00:37:31,700 I really don't think we have a competitive peer, and how we're 779 00:37:31,900 --> 00:37:34,200 doing and approaching, and thinking about money management, 780 00:37:34,300 --> 00:37:37,700 or borrow product is also, similarly, one of the lowest 781 00:37:37,700 --> 00:37:39,100 cost ways that you can borrow money. 782 00:37:39,100 --> 00:37:41,500 And I think regardless of whether you use it or not. 783 00:37:41,500 --> 00:37:43,600 It should be available to you. And so there's sort of that 784 00:37:43,600 --> 00:37:46,300 synergistic benefit of. If you invest for free, you just 785 00:37:46,300 --> 00:37:49,100 get this benefit of low-cost borrowing, whether you use it or 786 00:37:49,107 --> 00:37:51,800 not and it's emergency funds. And then our son account is, you 787 00:37:51,800 --> 00:37:53,700 know, one of the highest interest rate checking accounts 788 00:37:53,700 --> 00:37:55,700 on the market with cash back on debit card, and we're going to 789 00:37:55,700 --> 00:37:59,000 be moving more into So having that be a full checking account 790 00:37:59,000 --> 00:38:02,900 replacement, and so I think m1r, our trajectory has been strong 791 00:38:02,900 --> 00:38:06,200 and I think that customers should demand and expect more 792 00:38:06,200 --> 00:38:09,300 from us over the years to come. What do you think that does 793 00:38:09,800 --> 00:38:12,300 bring up on question? What do you think when like when 794 00:38:12,300 --> 00:38:14,900 you see user behavior on your platform and building out the 795 00:38:14,900 --> 00:38:17,700 different that different functionality of it? 796 00:38:17,800 --> 00:38:20,000 What do you see as the most underutilized part of it? 797 00:38:20,000 --> 00:38:21,400 Like what are people missing with it? 798 00:38:23,300 --> 00:38:25,700 I think we are best known for our invest product. 799 00:38:25,700 --> 00:38:29,500 It's a unique brokerage. On the marketplace that's really 800 00:38:29,500 --> 00:38:32,000 built around portfolio management rather than trading. 801 00:38:32,000 --> 00:38:35,900 And I think you know, you have 99 other options for trading and 802 00:38:35,900 --> 00:38:40,000 one is really one of the true. That's designed the portfolio 803 00:38:40,000 --> 00:38:42,400 and invest in the portfolio mentality out there. 804 00:38:42,700 --> 00:38:46,200 And so I think borrow is a huge value add service and if it's a 805 00:38:46,200 --> 00:38:48,900 tax advantage, line of credit, that is the lower cost than you 806 00:38:48,900 --> 00:38:51,000 can get anywhere else. We're getting meaningful, uptake 807 00:38:51,000 --> 00:38:53,000 of it. But I still think, you know, 808 00:38:53,300 --> 00:38:55,500 people people should be paying down their mortgages and paying 809 00:38:55,500 --> 00:39:00,300 off auto loans and the like with M1 varro, it's more flexible 810 00:39:00,300 --> 00:39:03,400 lower cost and its margin interest income. 811 00:39:03,400 --> 00:39:05,900 So it's tax deductible. And then the same thing with 812 00:39:05,900 --> 00:39:08,600 spend. I mean we like we're currently 813 00:39:08,600 --> 00:39:11,800 giving away Plus for free for a year and you get a 1% interest 814 00:39:11,800 --> 00:39:15,200 checking account. There's nothing comparable to 815 00:39:15,200 --> 00:39:17,200 that on the marketplace. And so I think the om one should 816 00:39:17,200 --> 00:39:19,500 be the primary checking account for most people if you really 817 00:39:19,500 --> 00:39:22,900 want to earn the most amount of money on your idle cash. 818 00:39:22,900 --> 00:39:27,400 And so, you know, I think the newer products are under you. 819 00:39:27,600 --> 00:39:29,800 Isn't I think there's a lot of growth to be had there now. 820 00:39:29,800 --> 00:39:32,600 Okay, and you're still planning on building out these three. 821 00:39:32,800 --> 00:39:33,900 These three parts of the platform. 822 00:39:33,900 --> 00:39:35,800 You're not, there's no new part of the platform. 823 00:39:35,800 --> 00:39:37,800 You're adding like it at least right now. 824 00:39:38,500 --> 00:39:40,000 No. Yeah, Don those will be the 825 00:39:40,000 --> 00:39:41,900 pillars for the foreseeable future and it's really about 826 00:39:41,900 --> 00:39:44,500 going deeper in each. And so, you know, more investing 827 00:39:44,500 --> 00:39:46,800 options, more intuitive ways to edit and customize your 828 00:39:46,800 --> 00:39:50,100 portfolio and get reporting and Analysis on how it's doing 829 00:39:50,300 --> 00:39:52,500 borrow. We will move into other forms of 830 00:39:52,500 --> 00:39:55,500 borrowing and so right now it's only a portfolio line of credit. 831 00:39:55,500 --> 00:39:57,200 So borrowing against your portfolio. 832 00:39:57,700 --> 00:40:01,100 As collateral to will move into the unsecured and the like and 833 00:40:01,100 --> 00:40:03,900 then spend on credit cards or what do you mean by insecure, 834 00:40:04,900 --> 00:40:07,000 you know, if you just want a personal loan so, you know like 835 00:40:07,000 --> 00:40:10,600 hey, I need 10,000. Like I may not have the Forty 836 00:40:10,600 --> 00:40:13,000 thousand dollars of investment assets to borrow 10,000, but I 837 00:40:13,008 --> 00:40:16,200 need to borrow 10,000 for whatever purpose so, you know 838 00:40:16,200 --> 00:40:18,300 kitchen remodel or something like that and you know, we can 839 00:40:18,300 --> 00:40:21,400 we can support that we're will be able to support that and then 840 00:40:21,400 --> 00:40:23,400 on the spend side, we are moving into the credit card round. 841 00:40:23,400 --> 00:40:25,800 So we have a debit card that provides High cash back, but you 842 00:40:25,808 --> 00:40:29,500 know, we will be Now, from spoiling is a big Market 843 00:40:29,500 --> 00:40:33,000 announcement with them one. I've cited elsewhere, but we 844 00:40:33,000 --> 00:40:35,500 will be moving into that realm and giving people higher rewards 845 00:40:35,500 --> 00:40:36,800 and doing a lot of creative things. 846 00:40:36,800 --> 00:40:40,000 And the, with our product ground, with a new credit card. 847 00:40:41,100 --> 00:40:42,900 Sorry, what's up with a new credit card? 848 00:40:43,400 --> 00:40:44,000 Yeah. Yeah. 849 00:40:44,000 --> 00:40:46,200 We know, there will be an M1 issued credit card and we'll do 850 00:40:46,200 --> 00:40:49,400 interesting things with rewards based on your Investment 851 00:40:49,400 --> 00:40:53,100 Portfolio and use the bar line of credit to provide you better 852 00:40:53,200 --> 00:40:55,300 revolvers and the like. And so, you know, it'll be a 853 00:40:55,300 --> 00:40:57,200 pretty unique credit card on the market. 854 00:40:57,500 --> 00:40:59,600 Okay. Well that's exciting stuff. 855 00:40:59,800 --> 00:41:02,400 I appreciate it. Coming on again round two 856 00:41:03,300 --> 00:41:05,300 absolutely always a pleasure. Yeah. 857 00:41:05,300 --> 00:41:07,100 Thanks again, Brian. Okay. 858 00:41:07,200 --> 00:41:09,900 Hope you guys enjoyed that interview with Brian Barnes C. 0 859 00:41:09,908 --> 00:41:12,400 of m. 1 Finance. If you guys like these type of 860 00:41:12,400 --> 00:41:15,500 interviews where I sit down ask questions with with people over 861 00:41:15,500 --> 00:41:18,000 different companies, make sure to subscribe to the channel, 862 00:41:18,000 --> 00:41:20,600 like the video, share it with friends because I plan on doing 863 00:41:20,600 --> 00:41:22,700 more of these in the future. We have some more lined up. 864 00:41:22,700 --> 00:41:24,500 So appreciate you guys for watching. 865 00:41:24,600 --> 00:41:25,400 I'll talk to you next time.