Financial Advisors Are Cooked – Public Co-CEO on the Great Wealth Transfer

“If we look at what a financial advisor does for you, one is grunt work, second is advice, the third is emotional support. So we've launched agents for investing that do number one now. I think it's ridiculous how quickly this is moving. Financial advisors will have a really, really, really hard time going forward.”

“If you look at the Great Wealth Transfer, it's like 85% of that money will be inherited by the top quarter, the top 25%. And so that's literally where the money is at in our space. And so I think also to be successful here, you have to build something that people can look at and think of it as like this is a serious financial service that I can trust with my life savings.”

“And so when those assets are being transferred, it's not just a transfer of wealth, it's also a potential transfer of relationships in that moment. And then at that point, you have a person who is now inheriting all this money, and they sit there with a stereotypical advisor named Charles. They will sit there at the dinner table and say, 'thank you very much for everything you've done for my parents, but what is your thinking about a GLP-1 strategy?'”

“Generated Assets is an asset class that we've essentially invented where it's an AI product where you can just prompt, be like, 'give me companies that are founder led, or grow more than 30%, have no debt and are US based.' And then the AI goes out, finds you those asset classes, finds you those companies that fit the criteria, gives you a back test against S&P 500s, returns, and drawdowns.”

“It helps to have someone else who experiences everything the same way you do. Same incentive structure, same goals, same experience of how they experience things in the company and around the business and so on. And so I feel like that is actually a very valuable thing for balanced decision-making.”

“I personally think it's a little bit short-sighted for the industry because I think it's a very powerful tool. And personally, I'm a big believer, for example, in security space prediction markets. So think of like, you are an investor in Tesla. You have an incredible hand on their energy business. You want to place a trade on that. You can use an events contract to do that.”

“I can sadly see a near term future that before we live in this oasis where no one has to work anymore, I think it's going to get really dark. And it's going to get really dark because you're going to have the people that have access to the tools that can use them and own the tools. Elon is going to own all the robots, and the power disparity that's going to happen there is going to be so massive.”

“It's not just about creating UBI, it's also about what can we create that continuously gives people purpose. Like at the end of the day, you will not just join the gang because you need money, you will also join the gang because it gives you purpose. So if you don't want everyone to join the gang, you will also have to, as a government and a society, have to think about how to create purpose.”