How Amazon Will Dominate Wealth Management
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I’m notoriously skeptical, but I could actually see Amazon killing it in wealth management. As cynical as I am, I can’t find a way to tear this idea to shreds. And what surprises me the most is that it’s for a few very basic reasons.
Amazon knows the truth
People always lie about money. Despite what they say, how they spend their money speaks the truth about what they really care about. The almighty Visa bill doesn’t lie! Because of this, Amazon comes to the table knowing more truth about how American consumers really live their lives than any wealth manager could ever dream.
And its apparently knows the real deal about anyone with a credit card. According to DMR Business Statistics, 64% of U.S. households have Amazon Prime, amounting to more than 100 million people. This is over five times the amount of people who bank with Chase.
As a result, here’s what Amazon knows about all of us:
- Which business owners just bought the Rolly Sky Dweller watch (goes for about $40,000).
- Which 65-year old men just bought a $10,000 retirement gift for their wives.
- Which 65-year old women just bought a book on Kindle about getting divorced after age 60.
- Who is maxed out on their credit cards and should be avoided.