Acorns CEO on How Financial Services Companies Have Failed Americans

At Barron's

Business

4.7 • 17 Ratings

🗓️ 12 December 2024

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

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Summary

"We talk a lot about 'Your money first, ours next,'" says Noah Kerner, CEO of financial services company Acorns. "And I think financial services as a business generally is 'Our money first, yours next.'"

Transcript

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0:00.0	Hello everyone and welcome to Ad Barrens.
0:07.0	I'm Andy Surwer and welcome to our guest, Noah Kerner, CEO of Acorns.
0:12.0	Noah, great to see you.
0:13.0	Good to be here.
0:14.0	So Acorns has been around for a while.
0:16.0	I want to get an update, but maybe for people who aren't familiar with the company, can you give us just a brief on it?
0:22.3	We like to say that we are the financial wellness app, and so our purpose is to help everyday
0:27.3	Americans, primarily the middle class, save and invest for a brighter future.
0:32.1	So we...
0:33.1	No, so how does it work practically?
0:34.3	Yeah, sorry.
0:35.3	Basically, when you sign up, you connect your, you give us a bunch of information, you connect
0:40.3	your funding source, you can link debit cards, credit cards.
0:43.3	That allows us to round up and invest a spare change, which is kind of the feature that
0:47.3	we're well known for.
0:49.3	And then you finish registration, you tell us a bunch about yourself, we can construct a
0:53.3	diversified portfolio for you based on suitability questions.
0:57.3	And then it's really easy to just start automatically investing.
0:59.7	Spare change, $5 a day, $25 a week.
1:03.5	You can set up a retirement account, kids investment account, et cetera.
1:06.0	Right.
1:07.0	So no brick and mortar.
	...

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