When Charles Schwab launched discount brokerage in the 1970s
When Charles Schwab launched discount brokerage in the 1970s, Wall Street called it dangerous. When Vlad Tenev launched Robinhood, the industry said the same thing.
Each faced backlash for removing barriers that protected incumbents. The real shift wasn’t in finance. It was in distribution.
Schwab used new infrastructure to reach customers directly. Robinhood used mobile. Both proved that when access changes, markets follow.
I see the same pattern with clients today. Digital and mobile aren’t just channels. They are the business model.
Every time a company moves faster through digital access, an old process loses power. That’s where the real opportunity sits.
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