DIY Fund Investing Fintech Tools Wendy Garfinkel Nissan Eric Nissan Cofounders Show 048

The post DIY Fund Investing Fintech Tools Wendy Garfinkel Nissan Eric Nissan Cofounders Show 048 was first published on mitchellchadrow.com

0:00you’re listening to the listen up show
0:02darn up entrepreneur podcast I’m
0:03Mitchell Chad Rowe your host today will
0:05show zero four eight we’re here with
0:07Wendy Garfinkel nissan and eric nissan
0:10don’t let anybody convince you that you
0:13know you know you’re going to be Bill
0:15Gates or you know Zuckerberg as you know
0:18because you you know you see the two out
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0:25industry have to work at it every single
0:29day not to say those two didn’t work at
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1:28enjoy the show Wendy an arat after
1:31careers on Wall Street Eric as a
1:33technologist working for a ten billion
1:35dollar hedge fund and Wendy working as a
1:37bond trader they have co-founded a
1:39company called DIY bond which creatively
1:43enough is also there are weather
1:45hey guys how you doing on money bar
1:49thank you super well there are only a
1:52long ways away from Wall Street oh yes
1:54our roots are from Wall Street we both
1:57grew up in the New York area one too
1:59many cold winters and here we are our
2:02startup around for all your hosting
2:04needs head on over to Mitchell Chad Road
2:07comm
2:08slash hosting Mitchell Chad Road comm
2:10flash host
2:12thing for all your web-hosting need who
2:14do you use to host this website that
2:15everybody wants to manage their
2:17portfolio like a hedge fund and so now
2:20with thin tech tools and resources you
2:22could actually do it yourself so you
2:25actually help people invest
2:26professionally using do-it-yourself
2:29tools can you tell us a little bit about
2:31that I mean it’s part of our personal
2:33journey we you know we noted that you
2:36know we invest ourselves we tried all
2:39our lives to invest ourselves and the
2:42pain point we found as investors that
2:44you go to your online broker they’re you
2:47know telling you to trade options and
2:49chart the markets and technical analysis
2:51and all this stuff that I’m if you talk
2:53to professional investor and I’ve worked
2:55at multi-billion dollar hedge funds
2:57building on the technologist building
2:59these things of assistance they’re not
3:01doing any of those things they have
3:03proper investment management systems
3:06they manage their portfolios or their
3:08investments holistically they can change
3:11parameters on it and have the whole you
3:14know flavor of their risk change they
3:16understand their risk all those terms
3:18and things I’m talking about are not
3:20delivered by your online broker and so
3:23we are essentially we sit on top of your
3:27broker and we aggregate your data for
3:30you and we let you kind of invest in a
3:32more holistic way instead of just listen
3:36Jim Cramer I tell you to buy buy buy you
3:38actually can look at your accounts and
3:40say should I buy more Apple how much
3:42risk do I have in technology if I buy
3:44this what should I sell to keep my
3:46accounts in balance and of course on the
3:48flip side ad is of course he hits the
3:50button he says sell sell sell so you
3:52have to know you also have to know when
3:54to sell of course as well which is this
3:56which is the other side of the coin sure
3:58how whens if I went direct but also how
4:01much to buy itself you know the ah yes I
4:03accountant you be like God I think that
4:05you know X dollar seems like a good
4:07amount is it a good amount I mean there
4:09should be some pre thought into how
4:12you’re going to structure your
4:12investments before you just dive in
4:14there and decide to just put some cash
4:16up for it and I saw both of you on the
4:19red carpet this was actually the 2017
4:22Enza go global
4:23Tech Award tell me how you actually won
4:26that award a tell us you know give us a
4:28little bit of a behind-the-scenes in
4:30terms of what that was all about it was
4:31actually really very exciting for us I
4:34have to say we were one of 22 companies
4:37in our category for leveling the playing
4:39field
4:39you know we it’s exactly what we’re
4:41doing we really thought we were
4:42perfectly suited for the category but I
4:45mean there were very established
4:46companies in our category one company
4:48has just gotten three or four hundred
4:50million dollars in funding you know when
4:52when they say you’re really happy to be
4:54a finalist we were really happy to be a
4:56finalist I mean it was we were in very
4:59good hands and very good shoes to be in
5:01that category and when they met the very
5:03large company as the runner up I tried
5:05to Eric instead so who do you think won
5:07and I mean I will honestly admit I had
5:10my shoes off that’s great other company
5:14it was and when they said our name
5:17everyone’s halfway before I even like
5:19registered they said us it was crazy it
5:22was very exciting we were really honored
5:24great honor you know and and all those
5:28little pieces helped to validate what
5:30we’re doing but at the end of the day
5:31does you know the hard work is building
5:33the business and and doing right for our
5:36you though which we’re going to
5:38certainly talk about in a little bit now
5:39Eric you you had mentioned that you’ve
5:42built these portfolios in trading
5:44systems for multi-billion dollar hedge
5:47funds and Wendy you were actually
5:49creating bonds for that for the big
5:50firms on Wall Street so what like one
5:53day the light bulb just kind of goes off
5:55and when he turns to you Eric and says
5:57leave these xfig yer job our DIY dot fun
6:00not quite that easy but I think part of
6:02our frustration was really I mean I was
6:04on you know the high yield of distressed
6:06desks which was like the you know the
6:08really meaty part of the bond world
6:09where we really had to understand
6:11companies and credits and at the end of
6:13the day you know we’re screaming across
6:15the desk recharter what did you just buy
6:16what are you doing what are you doing
6:17and bonus time came around I turned to
6:20my boss and said you know you know where
6:21do I even start investing and he said
6:23here gave me the name of a broker to go
6:25invest for me I mean we’re doing this
6:27for a living and we still had no idea
6:29how to invest ourselves so what it came
6:31down to was that Eric and I
6:33were kind of struggling with how to stay
6:35vested properly and Eric started
6:37building these tools for just us
6:39personally for our own account started
6:40with the spreadsheet right so this
6:42spreadsheet just kept going and I you
6:44show me something I said was it but can
6:46I see this so he filled it I love it but
6:48can I see this when you keep building it
6:50and then we kept building it and he
6:52turned to me one day and said there’s
6:53really something here there’s a whole
6:55world of people who would love this tool
6:57and that’s how we got artists what
6:58actually makes your do-it-yourself
7:01investment platform different than
7:03anyone elses so I mean and then you know
7:06the world is you know if I want to
7:08divide up the neat world of investment
7:10platform you have your online broker
7:12which I think I live in the beginning of
7:14the call they have you know the ability
7:17to buy and sell stock chart you know you
7:19can do research on individual companies
7:22and so the research piece and the actual
7:24trading piece and even the charting
7:26piece we say that’s fine there’s plenty
7:28of solutions out there for that we’re
7:30not reinventing those wheels we are
7:33allowing someone to do so then let me
7:35just take a step further on the other
7:36side you have you know these new players
7:38these Robo advisors etc and what they do
7:43is say hey you know investing you know
7:45time-consuming hard we’ll just do it for
7:47you click a button and we’ll just make
7:49sure that you’re invested every much
7:51much lower fees so then traditional for
7:53one or two per site or you don’t have or
7:55you could have a wealth manager who just
7:57you know you pay a lot of money to it’ll
7:58do for you the net effect is if you want
8:01to invest like a wealth manager or like
8:03the robos do and rebalance your account
8:06and make sure that you’re properly
8:08allocated etc you don’t have an option
8:10out there there are no tools that your
8:12broker will give you a lie do that your
8:14only choice is to give it to a robo or
8:16to you know spreadsheets and try to keep
8:19up with it which can be very
8:20time-consuming so our platform is the
8:23tools that a professional adviser would
8:26have and use or a hedge fund might have
8:28in you obviously there’s a lot more
8:30complicated things that a hedge fund
8:31might do because of their situation and
8:33the amount of money they manage but in
8:35general the ability to manage account
8:37through software those that tool is now
8:41available to you through DIY – sure what
8:43what oh yeah I’m sorry we really
8:46don’t have true competition in that
8:48regard I mean doing exactly what we’re
8:50doing there are online you know you can
8:53do a lot of online research you can do a
8:54lot of online trading and we don’t take
8:56your money we are just a platform that
8:58sits on top of whatever you’re already
9:00doing and if you if you have your
9:02accounts in one place of your accounts
9:04in 50 places it can all be analyzed in
9:06one place together so you truly know
9:08what your your risk your volatility and
9:11everything truly looks like in your
9:13portfolio let’s talk a little bit about
9:14fees that’s one of the biggest affects
9:16of overall performance since they can
9:19tend to eat away at performance
9:21depending upon how high they are
9:22depending upon what type of funds let’s
9:25say someone’s investing in I’m actually
9:27on your site right now and I’m actually
9:29going to be typing in my email it says
9:31to sign up for your beta test in terms
9:33of your own resources and the tools that
9:35are right there that I normally would
9:37then pay for are we saying that your
9:40site itself is actually breathe how are
9:42you making money yes so right now it is
9:45all entirely free the goal is to have
9:47always some level of services that are
9:50free and then on top of that build on a
9:53premium service for people who want to
9:56have more tools or more features
9:58available to them but as we’re in beta
10:00right now and we’re working with our
10:03user base and we’re making sure that
10:05we’re building features that they want
10:06you know all the the great comments and
10:10suggestions and questions we get from
10:12our users all go get baked back into the
10:14product and so we’re not charging for
10:17the use of best information back and
10:19forth it’s very collaborative that’s
10:21really why we’re at this point right now
10:23put a little bit deeper into how the
10:25actual web platform itself is actually
10:28helping the average listener out there
10:30in our audience manage their own
10:32portfolio how is it actually helping
10:34them understand their risk and actually
10:36tracking their performance sorry I mean
10:38when you initially get on the site it’ll
10:41take you through a little wizard that’ll
10:43ask a couple of questions and what that
10:45wizard does is set up basic parameters
10:48in in your account for example it might
10:52say you know the S&P 500 and I don’t
10:55know the exact number today but
10:56earning X dollars and dividends a year
10:59you know so let’s if you want to be
11:01aggressive you should probably be you
11:03know standard deviation or so under that
11:05if you want to be more moderate
11:06portfolio maybe you should be bad or
11:08higher etc different parameters
11:10volatility you know different measures
11:13of your risk etc then when you go in and
11:17you import in your account so you link
11:19to your brokerage account we take all
11:22those parameters and match it against
11:23your accounts you can see how you’re
11:25doing and versus what you thought you
11:28should be doing according to your the
11:30questions you answered from there you
11:33have the ability to allocate your
11:36portfolio so you can go in and say well
11:38I want have these percents for these
11:41either different investment types or for
11:45these securities and so we have a
11:48rebalancing tool that’ll go in there and
11:50alert you and say hey you’re out of
11:52whack with what you want we calculate
11:54and we will make it easy for you so you
11:57click a button and essentially we lay
11:59out for you to say this is what you need
12:00to do to get your account back in shape
12:02the goal is not to have people have to
12:05stare at this every single day the goal
12:07is to have us monitor your account for
12:10all these parameters and all these
12:12settings for you and when action needs
12:14to happen we let you know and we let you
12:16know what the recommended course of
12:18fixing it is what a bit we find with
12:21even professional wealth managers that
12:23you’re paying a lot of money is that
12:25they’ll say ok if you know if you’ve got
12:27a really active you know wealth manager
12:29involved in your accounts maybe they
12:31look at your account quarterly if you’re
12:32really lucky
12:33mostly annually if you’re even luckier
12:36you know and so what’s every balance on
12:39a specific date rebalancing is a date
12:41driven it’s where your accounts are so
12:44you made over the course of a year
12:45needed to rebalance a hundred times
12:46would say but you never rebalance
12:49because at that point every year the
12:51same point you never rebalance you truly
12:53miss out on the best performing parts of
12:56your portfolio which is when you’re
12:57supposed to rebalance we have you know
12:59tax loss harvesting tools things that
13:01you know if you went to any advisor
13:02today they say well you got to be Texas
13:05arson you got to be and so we’re saying
13:07to the individuals this stuff isn’t hard
13:09you don’t need a PhD in you know prime
13:13man or you know you don’t need to have
13:16complex strategies but we just want to
13:18make sure that your your accounts are
13:20doing the necessary things to keep it
13:22moving and you’re earning the most out
13:25of it that you can our audience prized
13:26of a lot of not only startups and
13:29business owners and entrepreneurs that
13:30are taking their company to the next
13:32level from the audience’s perspective
13:34maybe let’s delve a little bit into your
13:36actual numbers how are you bringing
13:39people to your website from a marketing
13:42perspective and if you could talk to us
13:43a little bit about the numbers right now
13:45in terms of how many active people are
13:48in your beta and what are you doing what
13:50is your revenue model look like going
13:52forward in the next next six months two
13:54to nine months to 12 months yes sure um
13:56so as far as marketing goes you know we
14:00you know we certainly rely a lot on
14:03social media and the likes you know as
14:06you mentioned you know the awards and
14:08the different accolades that we’ve
14:10gotten certainly go into us you know we
14:14just only get a big boost of people who
14:16sign up and understand and learn about a
14:19podcast like this are a great additive
14:22for that as well as you get to explain
14:24exactly what you’re doing you know it’s
14:27a lot of marketing is a lot of testing
14:29the borders and seeing what works and
14:31and just as we do with the platform we
14:34we read jiggle things and we you know
14:37focus on the things that work for us we
14:40came out of a accelerator here out in
14:42Orlando and so that um you know we knew
14:47we wanted to do it certainly though help
14:51focuses on the customer experience and
14:54making sure that we’re validating our
14:56ideas before we move forward as far as
14:58users I will say you know we have
15:01thousands of people who have signed up
15:03for the platform you know we’re not a
15:06funded company we’re we’re a private
15:09privately held bootstrap startup and in
15:14that we have some potential big deals
15:17that we are working with that I cannot
15:20talk about but but that could help us
15:23better integrate with some of the online
15:25brokers and to do things more in line
15:29with them and those type of bigger deals
15:31would you know certainly like you know
15:34there’s a thousands of people that we
15:35have registered that would that would
15:37you know kind of tip the scale in a in
15:39an astronomical way so you know we’re
15:43we’re we’re really at the stage where
15:45we’re being as fluid as possible because
15:47we have a lot of different avenues of
15:49growth and revenue but we you know we
15:52need to kind of lay out a solid course
15:55and our goal is to remove the data from
15:57the site so that people can just join
15:58and sign up and don’t have to wait for
16:00that that wall in front of them now you
16:03mentioned about validating your idea you
16:05also mentioned about an incubator there
16:07in Florida I don’t know if that’s the
16:09starter studio that I was reading about
16:11as far as that goes but maybe talk to
16:13the audience about not just because
16:15you’re in beta but how you’re actually
16:17some additional ways you’re actually
16:19validating your idea to sort of take it
16:22to the next level because there’s a lot
16:24of people in the audience that are
16:25obviously trying to validate their own
16:27ideas as well yeah when we first started
16:29we said oh you know I worked at a hedge
16:32fund and this is what I need is an
16:34investor so I’m just going to build it
16:36and the when you go in to accelerate
16:40especially when we went into they said
16:42we hold everything before you spend your
16:44time building and just writing software
16:47let’s you know go up the street you know
16:49walk around and ask people and so you
16:53know part of our homework assignment was
16:54we would walk around and we would you
16:57know and then as we got comfortable with
16:58that process we realized that you know
17:00there’s even more ways ways to do this
17:04that we can grow so we would do things
17:06automated through you know emails and
17:09questionnaires and etc and by the time
17:11we were done we had thousand plug
17:14responses of you know questions and not
17:17to say that you know there’s always bias
17:19and the questions and all that but it
17:21certainly if you’re trying to figure out
17:22what’s the right path those things help
17:25and those things you know probably saves
17:27us a ton of time because instead of
17:29building and spending efforts on
17:31features that
17:33math necessarily we don’t know if they
17:36would have been relevant now we have a
17:38better idea of the relevancy of what
17:40works or not so that would certainly
17:42like of all the things that we got out
17:43of the accelerator I would think
17:45probably the the number one is that the
17:47force approach to developing it what is
17:50your your business model until you start
17:53charging some of the more premium types
17:56of features that you’re going to add
17:57down the road are you going to create
17:59revenue from companies so I mean we
18:01don’t have a current I you know like
18:03right now our focus is not on you know
18:05how do we build the user and that’s kind
18:08of a longer-term goal for us as I said
18:11we have some bigger deals that are you
18:14know in the works and so a lot of those
18:16things in the way that they pan out and
18:18work out will kind of affect how we
18:20shift you know as I said we always plan
18:24on having a free version of the platform
18:27and you know even and then even in you
18:31know the monthly premium fee we’re not
18:32talking about a percent of assets or
18:34anything you know you know incredibly
18:37expensive it would be in the you know
18:39$20 month range you know type of service
18:42for premium service in terms of these
18:44partnerships I know you can specifically
18:46mention exactly who they are but may be
18:49talking very broad brushes in terms of
18:51what type of relationship this will be
18:54and how it will actually integrate to
18:55the product we talk to our startups
18:57about the emergence of sales and sort of
18:59networking getting the word out there
19:01and so I think it would be helpful from
19:04a creative perspective to let people
19:05know how you’re continuing bilbies
19:07partnership and the ventures that are
19:09going to help the product evolve over
19:11time yeah so you know and then that’s a
19:13great point you know we we you know we
19:16wake up every day saying you know how
19:18who should we call today and you know
19:20what is our next you know angle that we
19:23can get to the platform you know to that
19:25end you know we’re not here to poopoo
19:27any of the industry you know there’s
19:30there certainly needs and and reasons
19:33for financial advisors there’s reasons
19:35for online brokers for sure robo brokers
19:38etc they all have their plate and we
19:40tend to feel because we are an open
19:42platform that we can
19:44and talk to any one of those players and
19:46say hey we have a solution for you we
19:48have something that works with you and
19:50so to that end you know like an idea you
19:55know that you know you know that we you
19:57know certainly had plenty of
19:58conversations about with some of these
20:00online brokers is to say hey you know
20:02let us handle portfolio management for
20:04you let’s show your customers a better
20:06way to do this and the reception’s of
20:08that has been really really strong for a
20:10financial advisor the the conversations
20:14have been look you know you can still
20:16manage your clients accounts but why not
20:18do it in a way with complete
20:20transparency and so that you’re both
20:22seeing the same screen and doing you
20:25know operating on the portfolio in the
20:27same way instead of you you know behind
20:29a veiled wall you know we know that from
20:33people we’ve talked to you know kind of
20:34some of the major pain points of their
20:36advisors is you know lack of information
20:38and knowing you know what are they doing
20:40why they’re doing it and and even if
20:42things go bad on a portfolio as long as
20:44you knew what was happening you could
20:46have saved a lot of headache with your
20:47clients and conversely from the wealth
20:49managers perspective they feel like they
20:51are fielding phone calls that take hours
20:53and hours that are not adding any value
20:56to someone’s portfolio and they’re
20:58basically about simple questions of why
21:00this and why you did that so if you set
21:03up your account set your risk parameters
21:05set your balanced allocation and all of
21:08a sudden you know you set your threshold
21:09because okay it’s above the three
21:11percent threshold it’s time to sell it’s
21:13time to buy you knew exactly why your
21:15wealth manager was making those trades
21:17in your account that would prevent a
21:19phone call from happening so it works
21:20for both sides of the equation both in
21:22the individual and the professional and
21:25so I think with questions this to being
21:26a start-up and at us as a start-up you
21:28know when you’re a mature company you
21:30have you know where your revenue
21:32specifically comes in from and you know
21:34where your bread and butter is you know
21:35that that turns into that innovators
21:37dilemma where it’s hard to change in a
21:39diamond and you know kind of upset your
21:42current customers but when you’re
21:43start-up the benefit you have is because
21:45you don’t have the the paying customers
21:48per se you have the ability to try all
21:51different sorts of waters and that
21:53certainly a conversation and thoughts
21:56that go on
21:57I think that that’s terrific insight
21:58were those or out in the audience who
22:01obviously have their own startup and can
22:03easily pivot to reevaluate what’s
22:05working for them and what’s not working
22:07for them so in terms of Wendy in terms
22:10of personal finance and educating your
22:12consumer who are you finding then out of
22:15these thousands of beta testers is your
22:18typical average customer it’s so
22:20interesting because usually though it’s
22:21definitely in a start-up everyone tries
22:23to get you to giving your target
22:26audience an age range you know male or
22:29female and what I finally have
22:31determined if our user base is someone
22:34with the attitude and the propensity to
22:36want to do it themselves
22:38so we’ll get everyone from you know
22:40experienced investors to first-timers
22:43it’s anyone who says I can do this
22:46myself I don’t need to pay somebody I
22:48want to check on my advisor we really
22:51are focusing on that person with the
22:53attitude of doing it I had mentioned
22:55earlier that I was actually on your site
22:57and signing up myself because even
23:00though I might have a lot of years of
23:02experience as a investment counsel and
23:05working with Russia Aires I think that
23:07these resources and tools can benefit
23:09not only the novice but even the more
23:12experienced person and as I’m looking at
23:14some of the steps on your site by I see
23:16maybe like six easy and simple
23:18straightforward steps like design a
23:19portfolio set your investment goals
23:22monitor the portfolio talk to us a
23:25little bit about what is read to me that
23:27not only your do-it-yourselfer but it
23:29could also be a tool for professional is
23:32that would you say that that that’s your
23:33site in a nutshell yeah that’s what I
23:35said I did this for a living and had no
23:38idea where to get started I mean that’s
23:39how crazy it is you can be experienced
23:41with investing but not truly know how to
23:43properly invest for yourself and I think
23:45that’s what the message we’re trying to
23:47make sure people understand it’s like
23:49you may know how to execute trades you
23:51may not you may know how to you know buy
23:53and sell options but do you really know
23:55how to manage your portfolio do you
23:57really understand how risky you truly
24:00apart do you really understand all of
24:02those mutual funds and ETSU owned you
24:04know they probably all own you know
24:06Apple and Google Microsoft and you
24:09on the stocks individually so do you
24:10really know what you’re two exposures
24:12and those sectors right but our goal is
24:14not that information overload you we’re
24:16not you know expecting you to know it
24:18we’re just saying we’re going to monitor
24:19for you and make you aware and help you
24:22adjust what type of good investment
24:25advice big picture would you offer the
24:27audience it’s not a I’m not an
24:29investment advisor so I certainly want
24:31to you know tap it with that you know
24:33I’ve seen through my own portfolios and
24:35things that I’ve done and you know and
24:37the nice thing is now that I’ve seen and
24:39I’ve managed my portfolios holistically
24:41you know are you still nice to worry
24:43right like my I would have a stock that
24:45went down and garroted and you’d not
24:47want to look at it and we’ve all done
24:49that a type of thing and now that I’ve
24:50kind of grouped my investments into
24:53different strategies for myself I know
24:55that I’m going to have some strategies
24:57that are gonna underperform during
24:59certain periods of time and I’m going to
25:01have other strategies that will uh
25:03perform during certain periods of time
25:04and it is now knowing that and seeing
25:07yevon flow it just turns out that my
25:09best portfolio this year was my worst
25:12for Pali Hill last year um though you
25:14know it’s helped me understand how you
25:17do stay calm when things are going down
25:20because I’m not looking at individual
25:21stocks and saying well I lost X dollars
25:23in this and you know that that really
25:25doesn’t feel right but I’m looking at it
25:28holistically and saying okay well I’m
25:30comparing myself to how the overall
25:31markets are doing I know that I have
25:33things that are underperforming how can
25:36I exert things I can do to adjust them
25:38do I believe it and I know over time
25:41those things will all work out so really
25:43going through this process myself and
25:45doing it myself has been enlightening
25:47just to my own personal investments you
25:50know it’s you know we always hear the
25:52adage when you’re talking to people just
25:54you know don’t panic when things are
25:56falling but unless you’ve been through
25:57it and do it yourself and that’s part of
26:00also why we you know think that this is
26:02important for people to do you’re going
26:04to pay so you need to go through it and
26:06understand how these numbers work and
26:08how the markets kind of work and change
26:11it really
26:12is been extremely helpful to me
26:14personally I also think that individual
26:16really feel I mean as smart and as
26:18educated as most the world is everyone
26:21feels like I’m not smart enough to do
26:22this myself I don’t know how to invest I
26:24don’t know anything about investing and
26:26really honestly even professionals just
26:29have some kind of system like what we’re
26:31using in front of them there’s no secret
26:33sauce there’s really no you know crazy
26:35an easy answer if you just kind of have
26:38to get your feet wet and get in and
26:39realize it’s simply right in front of
26:41you and just start monitoring it that’s
26:43before you even start trading just start
26:45monitoring you know it’s interesting
26:47people have a lot of fears we talked
26:49about years of investing or how do I buy
26:51or can I buy or am I going to be smart
26:53enough to do it and it’s those same
26:55types of fears that I hear over and over
26:57and over again that startups will say
26:59before deciding to let’s say leave you
27:02know a six-figure position and start
27:04their own company take the next step in
27:07sort of continuing to build out their
27:09business and so I see a lot of parallels
27:11there and that’s why Wendy I had asked
27:13you about you know financial education
27:15for those who are let’s say for example
27:18first-time investors I know you had
27:20mentioned that there’s a lot of research
27:21out there that on the web and so that’s
27:24why I wanted to see how you’re actually
27:26empowering those first-time investors
27:29with financial education because I know
27:31I’m really big on that we’ve had you
27:33know people on to talk to us about
27:34financial education and I know that’s
27:37big here in my own household with my
27:38girl I know you have two boys and so
27:40what do you do to teach the younger
27:43generation about investment and get them
27:46more comfortable so they don’t have
27:48these continued fears you know one of
27:49the big things we know is that education
27:51key to our platform and the more
27:53education we have right now we do have a
27:55website with a lot of you know probably
27:58more detailed articles but that is a big
28:00you know another chunk of our business
28:02we really want to grow we really want to
28:03get this down to you know even in the
28:06school we feel like it is caramel you
28:08know you learn so much about every
28:10different subject that you really truly
28:11I was a Wharton you know I would I have
28:13a finance degree you didn’t really even
28:15learn great portfolio management even
28:17there necessarily besides maybe one
28:19class if you took it so we would love to
28:21have education be a big portion of our
28:24business it’s just like I said where
28:26startup and that’s you know probably
28:27phase two or three but it is sure no I
28:30and I think we really appreciate that
28:32because as people are listening to your
28:35own story and what you’re going through
28:37with your own startup they’re thinking
28:39about it from their own perspective in
28:41terms of the type of businesses that
28:43they’re trying to startup and it’s
28:44giving them creative ideas and marketing
28:47and sales ideas from their own industry
28:49and from their own businesses that they
28:51have as they continue to listen our Fast
28:53Pitch Mitchell Chad Road comm slash
28:56books for books audiobooks des
28:59recommendations and the books that I
29:01read to start off each day sponsors are
29:05fast pitch my book club recommendations
29:08that I get Mitchell Chad Road comm slash
29:10books to see more of my recommendations
29:13and recommendations of our guests just
29:15go to Mitchell Chad Road comm slash
29:17books it’s your number one resource for
29:20book reviews and recommendation can you
29:23recommend an investment book or a
29:25business book that both of you have
29:26found to be in the investment industry
29:28or the business industry but a book that
29:31you continue to go back to yeah I mean I
29:33don’t know that I you know necessarily
29:34time anymore to go back to both okay but
29:38that’s a whole of random walk down Wall
29:40Street type of book were you know pretty
29:43you know interesting too you know when
29:46you realize that there is a randomness
29:48and trying to make sense of it you know
29:51I think yeah and Lean Startup if you’re
29:55a startup company I was just speaking
29:57with someone who’s on a second startup
29:59and he talking about how first one has
30:01got gone well but he started his second
30:03one and it’s going so well and he goes
30:05you know the both the Lean Startup and
30:06that was week one of our of our
30:08accelerators we actually had the the
30:11co-author of you know run through went
30:13through an entire program so that were
30:15based on how our business model is based
30:17on that and I think if you’re a startup
30:18that’s a great great place to start not
30:20only have we talked about that book
30:23right here on the podcast there have
30:25been other guests who have obviously
30:27mentioned it which lets you know that
30:28when you hear a name over and over and
30:30over again it’s more than just
30:32coincidental it’s because it really
30:34truly is a timeless fuck and we will
30:37definitely link up to that reason
30:39worse and for people who need the show
30:41note they can always go back to Mitchel
30:43Chad Road comm slash show zero four
30:46eight and anything and everything that
30:48we’ve talked about today including how
30:50we’re going to stay in contact with you
30:52they’ll be able to get back at that
30:54website URL for this for the show note
30:56we’ve also talked about area that I
30:58don’t know if at some point you’re going
31:00to create your own a FinTech app in
31:03conjunction to the website but I talk to
31:05us a little bit about that and if you
31:07can recommend an app that you use in
31:09business family or life that you can
31:11recommend to the audience I think that
31:12would be terrific as well yeah we are
31:15actually in development of a app for
31:19your phone it looks really good
31:22well I’ll tell you what Eric and Wendy
31:25when you guys have that happy to have
31:27you back on so that we can talk about
31:29that I actually just started a niche
31:31site called add mortar and we’ve
31:33actually had app developers on our show
31:36though I’m sure the audience would
31:38really be very interested in finding out
31:40how you continue to develop not only
31:42your tools and resources but how you’re
31:44taking that business to the next level
31:46sure hey I mean and the great thing is
31:48you know nowadays you can develop a
31:50cross-platform app and so we are
31:53utilizing some of those technologies so
31:56we can write it once and run it in
31:58multiple places that the app is meant to
32:01not be the full suite of tools on the
32:04iwata on the website and it’s meant to
32:07be what what what is usable useful in an
32:12app form and some of the alerting and
32:14performance and reporting and stuff like
32:17that that you can get at your fingertips
32:19so you may ever get curious of how
32:21you’re doing or what needs to happen in
32:23your town you can do it at a glance um
32:25as far as other apps that we use you
32:29know a good question you have any
32:34preferred apps that you use I use them I
32:37use the net worth calculator on personal
32:41capital which is a robo broker and that
32:44it advocates all of our accounts and you
32:48know I like seeing you know I can get a
32:50sense of what’s happening with our
32:51counters
32:52obviously as markets move in a day it’ll
32:54be it will replace our investment
32:56accounts but also take into account all
32:58of our other assets and I’ll look at
33:00that on a daily basis who actually hosts
33:03your website oh yeah we reppin Amazon
33:05Amazon Cloud our wrap-up round mitchell
33:08chad row comm slash photos for all your
33:12graphic design need um how can how can
33:15people stay in contact with with you
33:17Wendy and our uh our you know I’m a PR
33:21IC @ di wives our fund at ung and Wendy
33:25is the Wendy at DeAndre and I see here
33:29your your blog because we we we started
33:31talking about some of the education and
33:33articles blog DIY dot fun so yeah I know
33:36that that’s great can you can you leave
33:38the audience with three main takeaways
33:42that they can get that you’d like them
33:43to leave this interview with sure first
33:46of all wall before I do that thank you
33:47for the time on the podcast really
33:49appreciate it oh no it’s been more than
33:51a pleasure I’m really excited to have
33:54both of you on to talk about not only
33:56your startup but tool that that you’ve
33:58that you’ve created that is really
34:00helping the investment industry and
34:02those who are not only just starting out
34:04with investment but people who are also
34:07professionals as well I think that that
34:09was a terrific and so for your three
34:10main takeaway start off with from the
34:12investing side you know regardless of
34:15what you do I think you need to
34:17understand what it means to invest and
34:20how if things were whether someone’s
34:21managing your money for you or you’re
34:23doing it on your own have your own
34:25strategies but you need to understand
34:27how it works otherwise you’re just not
34:29going to end up with results or with you
34:33know situations for yourself down the
34:35road that are to your liking because you
34:36didn’t have an understanding of the
34:38fundamentals of what you were getting
34:40involved in so no matter where you do it
34:43or how you do it I strongly urge
34:45everyone to do that from the startup
34:47side you know I think that you know the
34:50ability to as a as a young startup to
34:53adapt is critical and to always think
34:57you know what what else can I be doing
34:59that that’s just an ongoing exercise for
35:03us and to add to that the really the
35:06important is number three when do you
35:08know I wasn’t going to forget you third
35:10point is really important and that you
35:11may think everyone wants you know one
35:14two three four five but realistically
35:16they want ABCDE and I think you really
35:19have to listen to your audience and get
35:21that customer feedback continuously
35:24throughout the process as you’re
35:25starting up and that’s really important
35:27that you build what your customer wants
35:29not what you want well Wendy Garfinkel
35:31Nissan and Eric Nissan this has been
35:34awesome we really want to thank you very
35:36much for joining us here on the listen
35:39up show startup entrepreneur podcast and
35:41as soon as you have that app out we
35:43certainly want to have you back again
35:45thank you so much and you take care now
35:47in closing let me have for my listeners
35:50help first please subscribe to my email
35:52list at Mitchell Chad Road comm slash
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36:54until next time

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