TheLadders JobMobile Summit 2014: Betterment CEO & Founder Jon Stein
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Jon Stein founded Betterment to disrupt the finance industry by creating a more transparent and customer-centric personal finance service. After studying economics and psychology, Stein realized most financial services hid fees and prioritized profits over customers. He drew upon the work of Daniel Kahneman and Richard Thaler to develop Betterment, which launched in 2010. Betterment offers automated investing, financial planning tools, and a simple interface to help users achieve financial peace of mind. The company has since grown significantly and continues innovating to better serve customers.
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TheLadders JobMobile Summit 2014: Betterment CEO & Founder Jon Stein
- 1. Disrupting Finance Jon Stein, Founder & CEO, Betterment
- 2. From an early age, I was into happiness & efficiency Personal Management is about mapping a plan for your life that will involve setting short-range and long-range goals and investigating different ways to reach those goals. BOY SCOUTS OF AMERICA
- 3. College taught me two things: (1) The value of rational decisions; and (2) We humans are (crazy) irrational. Science of Economics Science of Human Behavior
- 4. I majored in economics and took philosophy & psychology courses in pursuit of a unified theory of happiness.
- 5. 40 percent of my graduating class went into finance; I couldnt tell you what an investment banker did.
- 6. I took a little graduation money and quickly made less of it. A star has fallen Enron share price, $ Source: Thomson Financial Datastream I bought here I sold here 100 80 60 40 20 1996 97 98 99 2000 01 02 0
- 7. After a post-grad, pre-med diploma, I took to the road. I wanted a career with meaning, doing well by doing good.
- 8. As luck would have it, my happiest friend offered me a job in finance, the last place I thought Id end up.
- 9. The world I entered had no gravity. Everyone was making money, lots of it. My time in finance
- 10. I built consumer products & managed banks investments. Hiding fees was the hottest game in town.
- 11. One broker took the opposite side of customer trades, turning investments into profits in 2 months or less. Customer Broker Average Investment = $ 2,000 Average Profit = $ 2,000
- 12. Kahneman and Thaler taught me to apply a customer-centric perspective. What would I want? Daniel Kahneman Richard H. Thaler Israeli-American psychologist. Shared the 2002 Nobel Memorial Prize in Economic Sciences with Vernon L. Smith American economist and the Ralph & Dorothy Keller Distinguished Service Professor of Behavioral Science & Economics
- 13. The name came first Making it better =
- 14. I wanted a service I could recommend to my friends. What we expect What we want Transparency Delight Accessibility Automation Efficiency Hidden fees Dreadful UX Barriers, exclusivity Manual process Brick and mortar
- 15. Betterment is the ease of online saving combined with smart investing. Simple choices Sound advice Intuitive interface
- 16. We imagined wed launch in 5 months. This was optimistic.
- 17. We launched at TechCrunch Disrupt in May 2010. The name came first.
- 18. Betterments strength is rooted in vertical integration
- 19. Our product has evolved The early days Today
- 20. Today Weve built the best-in-market product for our customers.
- 21. Our interface is clean, simple, and intuitive.
- 22. A smarter investing experience on all devices.
- 23. One year ago today, mobile was less than 10 percent of our sign-ups, traffic and logins. Today: 25 percent of sign-ups 40 percent of total traffic 60 percent of customer logins
- 24. Give us 5 minutes, and well give you complete financial peace of mind.
- 26. The most exciting financial company of our generation is the one you use every day and never think about.
- 27. The march towards technology is inevitable. - The Wall Street Journal, The New Money Apps 6/15/2012
- 28. Our story is only beginning.
- 29. Growing is not easy Hiring top people is essential, and we insist that everyone is smart, open and passionate.
- 30. Our hiring tactics and incentives include: Referral bonus Hosting events at our office Building internal talent team External recruiting Advertising
- 31. We incentivize with equity and company-wide bonuses to align around creating long-term value.
- 32. Whats next? More advice New features to guide better financial decisions Improved mobile Betterment Institutional HR partnerships
- 33. thank you questions? for more information, contact us at partners@betterment.com