YouSaid · the spoken record

Jeff Maggioncalda

lines on the record: 102
first: 2015-11-07
most recent: 2015-11-07
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Right. And so trying to intentionally structure the way you think I think is valuable. So I think I might have gone fast. I'm happy I had kids because they pulled me back away from the problem. Honestly, I kind of wish that I could have not been so worried about failing all the time. Maybe I would have failed if I weren't so worried about it, but it took a lot of the joy out of it.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Which I love. And it's not the blink your gut's right. It's like, no, in some things, usually where there's an instinct to mate or survive. Your instincts are quite good”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Sometimes you don't solve it right away and you need to pull back and let your mind work on the problem when you're not specifically thinking about the problem. But I think optimal problem solving is the ability to stay focused on a problem and recruit other people to work on the problem for a period of intense focus, then back off of it, then come back to it, then back off of it and sort of put the pieces together, kind of don't always write. There's another book, by the way, which is Thinking Fast and Slow.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, I guess partly because I expected to have no idea what I was doing and I had to learn a lot. I was kind of a blank sheet. I didn't have a lot of preconceptions. And I also think to myself, what would I do differently if I could do it again? You know, I'm glad I had kids when I was 22 because one of the things you said I think is really important. You really want to solve a problem, I think that the best way to do it is to go deep, deep, deep, like really focus on it and bring as much talent to bear on us possible.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“With respect to finance, I'd say be very wary before going into asset management, at least in terms of kind of large cap equities. The game is not the same as it used to be, and the economics are fundamentally. I think they've changed forever.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You're going to have to have some skills that are going to be able to survive lots of twists and turns in terms of how technology changes the way we create and add value in society. your ability to learn and keep learning. I say that's the number one thing. Stay agile, stay curious, and make sure that you're always investing in learning the next thing. Because if you stay on one thing, the rug's going to get pulled out from under you.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I would say a couple things. The more generic thing I'd say is the world is changing at a faster and faster rate. And watch out because technology and kind of machine learning, artificial intelligence is going to totally change the landscape. So the best shot you have, if you want to become financially independent, which just means be able to put food on the table and have a house, I'm not talking about being like rich.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So we shut down our Wi Fi every night from 11 to 7 because I don't know how else to make sure that my daughter gets, at least has a chance to get eight hours of sleep.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Or do we have the You know, I mean, I talked about what's happening in Palo Alto. When you get kids who are teenagers jumping in front of trains, there's definitely something dystopian going on. Right. And I think the technology, I predict that in five or ten years, we're going to look back on our kids and their use of 24-7 screens and social media. As one of the most foolish Hazardous thing that young people could be spending that much time doing, just like eating fast food every day or something. We'll say, look, it's going to be part of our culture, but it could be harmful if you use the wrong way or too much. And so there have got to be more guidelines on what's healthy and what's not with the consumption. My wife's a”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And then it goes through sort of cultivation of fire and technology. It goes through the spread of religion, the role that religion plays. Wonderful treatment of polytheistic religions, monotheistic religions, naturalist religions. And then it moves forward to talk a bit about happiness, which is like was surprising to me, but I think really goes like, what are we even trying to achieve here? And then it kind of goes towards what's the future of the species Homo sapiens. And it talks about cyborgs and sort of jacking into people's brains. And there's going to be some crazy stuff coming.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“From somebody. It's so funny you said it is worth reading. And it is an epic kind of view of literally how do we compete against Homo orgaster and homo florensis. I mean, when there were multiple homo species out there, Homo sapiens was only one of a few species.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Non fiction books. You know, I'll just, one I recently read is called Sapiens. Which is sort of a history of Homo sapiens.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“They're like, look, I'm not sure exactly how to do it the right way, but I don't like what you're doing. This isn't really working for the company for me. And a lot of it for me was like, and I started this. I was like, look, I have so much to learn. I'm going to take feedback from anywhere I can get it. And my team was really candid with me about what we need to change in the business, what I needed to change in my management style, you know, what we need to change in the product.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, before I started financial engines, I did consulting and I was a student. And so it was all kind of, you know, do-it-yourself, be a smart person and try to get the right answer. And that was that. What really became hard is managing people and figuring out how do you build and work with a team of people. And I had a lot of learning to do. I really think my biggest mentor in terms of who gave me the most advice, it was actually my team telling me what I was doing wrong.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“We talked earlier about the talent, right? There are a lot of companies with so-so or non-existent business models, but with talented people who've got some pretty good technology. Where it might be worth it for a year head start to market with the talented team that might be able to move faster than you could otherwise.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And when we were there, there just weren't many players in the space. No one was in the 401k. We believe there was a way to reach a lot of people and assets. We believe that we could get very low. We had a lot of... You had”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“These guys Or not. And so I wouldn't totally rule it out, but you have to ask yourself a question, which is how well are you on track to discovering how to seize the big opportunity? And is the big opportunity getting bigger or is it receding or getting more crowded?”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And we eventually did. And so it's really hard to say, and this is what it's easy to say, oh, yeah, it's all about the teaching. So there”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, so my view is we raised $150 million. And every time I did, I really believed that even though the last zig and zag didn't quite work, we were going to get the right one.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so every quarter we pop in the new numbers, we tell the same story with a little bit of nuance, but not a lot. And I think that's what a great business can do is have periods of sustained, predictable, scalable revenue growth and profitability punctuated by, whoops, got a zag again because the world changes.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Totally. Because when we finally went out, we had an incredibly stable, predictable business model. And so I wrote our first kind of earnings announcement, kind of the quarterly call, in kind of almost MadLibs format. I wrote the story with a bunch of blanks and I said, you know. We're just going to fill in the blank every quarter because this is a long term demographic bet. This is not zigzags. We're done with our zig against Agi. We think we found something that should last for quite, should create growth and profitability for many, many years.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Across the board. Did you ring the bell at the New York? I rang the bell. I did all that stuff. And, you know, we had been working on this model with enough pivots that my board was always saying, and I didn't really heed them well enough. Luckily, I was prevented from doing it, but they're like, you got to have a predictable business model before you go public. Got to have, I'm like, yeah, yeah, yeah. Okay, whatever.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Let me know the next S one you're doing so I can get short. And then the third time was okay, we had managed accounts, we had weathered 2008 really well. We kind of grew right through it. And we were like, now we really, this is good. So”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And we were planning on going public within six months. And we didn't have a good revenue model. We didn't have a good business model”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's Nothing to do with it was we didn't go public, but it was going to, the idea was we raise around in November was our Series E was $85 million. We had $500,000 of revenue. We were valued at $385 million, which at the time was a massive valuation nowadays. It's kind of like, well, that's kind of small.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's never just one thing. It is never one thing. But then there are people who say it's kind of everything, which means it's almost kind of nothing. Because like, what are you going to do about everything? I'm like, no, no, it's not one thing and it's not everything. There's got to be some system of effects that are causing this to happen at an unusual rate here in this community. And I don't know if I have the answer, but I kind of developed a model for how to think about it”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. So, you know, this has been happening close to our community. And I wanted to understand, because, you know, when this happens, clearly the community reacts. And there are a lot of people who say it's this thing. It's this one thing that's doing it.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And that's kind of what I'm trying to do with this whole gap year is just have a year filled with experiences that can break my brain. I haven't seen this before. This is a new way to think about the world. This is a new way to think about myself. This is a new way to think about my marriage. This is a new way to think about teen depression. We're having a lot of problems out in Palo Alto. With kids under a lot of pressure getting depressed and committing suicide”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Your brain gets into a different state, and you do. You kind of feel this sense of freedom, and it creates, it sort of creates a lightness that is.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It was, you know, it was definitely. My view of it is sort of a form of brain management. Like, can you get your brain in a certain mode where it's not worrying about the past and it's not worrying about the future? It's just kind of tuned in. And it's not like metaphysical or anything. It's actually quite basic. It's like, can you just be noticing the things that are happening here and now, here and now.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, yeah, Okay. So, other things, my wife, you know, when she knew that I was going to be stepping down, she said, I got to get you to a Buddhist retreat. I said, okay. She's done, these are the silent retreats that one goes on.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And there's this dance of like giving you the pattern and then not giving you the pattern that I think sucks you wind to the music.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm pulling these names out. This is a hundred years. I just Well, yeah, I mean, I like to understand how things work. And music is such a part of culture. I just love music too, but I never really understand like how does this stuff really work? And now I'm starting to discover it. And I have ideas about how it changes your brain And how even when you have these patterns, you know, a lot of what it is, I think, is the song and also the antecedents of the song, songs that sound like that song, the genre that came from. It primes your brain to expect patterns in the early part of a song, it sets up patterns. And then there's this dance between rewarding you with the familiar recurring pattern, but then surprising you by breaking the pattern a little bit.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I always want to learn not just how to play the piano, I wanted to learn music. When I say learn music, I believed, and I'm just super excited and into it. I mean, here I am at 46, like learning about the basic patterns and structures that underline music. This is pitch and harmonics and resonance and rhythmic patterns and things. So music theory is really interesting. And now, when I listen to songs, it's like, oh, you know, there are some deep patterns that once you kind of understand how these things are built, it's almost like a puzzle that you can unlock to say, what's that corporate? What key is it in? What's the core progression? What are some of the surprises, the way they're breaking the rules or refraining, of course? And so it's like a new way for me at least to understand music, which has been really fun.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and I stayed on as an advisor to the company for six months. So that officially finished on June 30th. But you're right. I said, I'm going to take a year. Just pull back. And a lot of what I was interested in doing was a combination of learning and having fun. And so I thought, what are the things I'd like to learn that I just haven't had time to learn? Well, I always wanted to say all in the ocean. I sailed on lakes as a kid. I wanted to sail on the ocean. So I've been doing a lot of sailing and getting certified as a sailor.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I know It does vary, but I'm going to. It's about half actively managed, half indexed. And if you look at the actively managed guys, they're not very expensive. They're really good lower cost, actively managed funds. But what happens is if you have a fund In a lineup of funds that maybe cost 15 basis points, if one costs $75.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's going to be a while till you get to the smaller plans, but there's definitely going to be a trickle down. And I think Americans need to know if you work for a Fortune 1000 company, your 401k options, your 401k plan is like the best investment you'll go. You're getting a match.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Totally. The good news is if you look at the kind of weighted average expense ratio of 401k assets, given that over 60% of the assets are held in the top 0.4% of companies. So the Fortune 500, Fortune 1000, that's where almost over half the assets are. Those guys do a really good job of getting nice, well-managed, low-cost funds. So at least on average dollar weighted, most of the 401k money is sort of good investment options. And what you find is the DOL and the regulators are really pushing that down market.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And if you look at the cost of our services after all the volume discounts and everything, this is not the cost of financial engines. It's what the employee actually ends up paying. It's about 37 basis points.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, if you look at the economics of that 115 billion that we're managing, what you find is that the underlying fund fee, so kind of the expense ratio Of those funds that we're managing. About 15 basis points.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, what's interesting is that the large part of the market, it's not many mutual funds and no ETFs They're almost all separately managed accounts. And when you start working with IBMs and Ford's and Hallmarks, you're talking single digit basis points in many cases. So here's what's kind of amazing.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, well, so we're managing last quarter, I think it was like $115 billion. We only use the investments that are available in 401k plans.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Different businesses. There was the education at first, the quick pivot to become an online advisor within the workplace. I raised all that money. We had a big deal with AOL to go B2C. We were one of the first freemium models. You could get your forecast for free, but then pay for advice. That didn't work. Right. Then we did this business, which was, we called the enterprise business, was trying to create a workstation for RAAs to use. Then we had something we call the advice server, where we were going to sell it to the big wirehouses and say, look, here's a server that's going to give automated advice within your firm. And then finally, we did managed accounts.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“A lot of people with their arms crossed basically saying, I'll believe it when I see it. If you're on the sideline, I'll give you like a week. And no fault. I mean, if you decide you don't believe, then you should find something else because this is what we're doing. And I totally get it why you wouldn't believe because we tried so many things that have been really.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, now what was tough is I had a company where we had very low turnover. So the employees had been with me and the other senior management team for the journey. And after your fourth or fifth pivot, they're like, yeah, right. Yeah, here we go again. And so it was a little bit tough. And I had to, we had an all-hands meeting where I said, look, this is what we're doing. A lot of people are very enthusiastic. I showed the data. We talked to our customers, et cetera. Listen, if you could.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and a big part of it too is we felt that we'd done enough tests to make it a smart bet. It wasn't a sure bet, but it was a smart bet because we'd shown the prototype, we'd talk to customers, we'd done this sort of enrollment test affair what the acquisition cost would be. So we kind of had a lot of indications that this was going to work. What was your degree of accounting?”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But we already kind of knew from a pretty big test that people wanted this. And I went to the board. We had about $15 million left of that $100 million I talked about. Really? I said, guys, let's go all in here. This is it. We've got enough evidence that we've shown a prototype. People seem to want it. Responding to sort of direct male enrollment, our corporate distribution partners want their employees to have this. This is it. Let's go. It was Beth the company and it friggin worked.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You guys do this. It was after. So it was like, wow, there might be a totally new type of business opportunity. Right. And then we created a little prototype and we did a fake survey. One of our corporate customers was really great because we needed to figure out would people really sign up for this, but we didn't want to build it until we knew. And they let us do a survey where basically I said, do you want to sign up for this? Right. And little tiny print on the back of it that said, by the way, you know, it's not yet available, right? Then they signed up, and then we called them and said in big numbers, and then we called them back and we literally called each one and said, thank you very much for your interest, and we're working on it, and we'll let you know when it's ready.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, well, and I'd hired Larry from Fidelity, he was one of the top guys on the RIA space, and he had been there for 13 years. So he knows financial engines inside and out. But I would say, you know, and by the way, with a robo advisors, there's so much advice that is so much better and so much less expensive than what's been out there. I mean, consumers have a huge number of choices. You know, I love financial engines, partly because I know how it was built. And, you know, that's what's managing my money right now personally. But a lot of integrity went into that. I think there are a lot of other firms. Vanguard's doing something great. Schwab's got some good portfolios that are being managed at low cost. I think the newer advisors are good. There's just a lot of good advice out there.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I would just say don't worry about my writing. Go to financial engines. All right. I'm not the CEO. I step down in January.”
2015-11-07 · Masters in Business · Interview With Jeff Maggioncalda: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source