Adam Nash, CEO of Daffy — Making Giving a Behavior | by Anirudh Singh | Wharton FinTech

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In in the present day’s episode, I’m joined by Adam Nash, CEO of Daffy, a not-for-profit group constructed across the easy thought that everybody ought to put one thing apart for these much less lucky than themselves. When you’re thinking about signing up for Daffy, you should utilize this promo code to assert $25 for a charity of your alternative.

Adam and I cowl a spread of subjects, together with:

Being a High Product Chief:
Adam is captivated with product administration and product management. When he first began his profession, Adam seen that there was not a whole lot of thought management round product administration and began running a blog about his experiences. As he grew to become extra skilled by means of his time at eBay and LinkedIn, he ceaselessly shared his learnings. Adam has seen profitable product managers come from plenty of backgrounds — together with technical, design, and technique backgrounds — so long as the person takes duty for the product. You possibly can hear Adam speak extra about being an important product chief right here.

Adam’s Work at Wealthfront:
Adam was an early buyer at Wealthfront, signing up only some weeks after the primary product launch in 2011. Adam remembers speaking with Andy Rachleff in regards to the firm’s progress early on, significantly in regards to the significance of scaling AUM. Adam remembers caring early on that clients could also be sluggish to belief computer systems to handle their cash — a far cry from the place the {industry} is now. Adam took over as President and CEO of Wealthfront in 2013.

Founding Daffy:
Whereas working at Greylock, Adam saved a listing of various monetary merchandise that had not been reinvented but, together with a donor-advised fund. Adam had a donor-advised fund of his personal on the time however realized that most individuals didn’t learn about this product. Primarily based on his time at Wealthfront, his time on the board of Acorns, and his time at Greylock, Adam began asking himself:

“What if those self same options, all that behavioral finance, all these intelligent ways in which we discovered the best way to get individuals to belief software program with cash, what if as a substitute of simply serving to individuals to spend or serving to individuals to avoid wasting, what if we helped them to offer?”

That is precisely what Adam got down to do with Daffy.

Daffy’s Enterprise Mannequin:
Adam goals to make Daffy obtainable to as many individuals as attainable. He notes how different rivals require vital minimums to open donor-advised funds ($25K to open and 60 BPS in a single notable case). Daffy is free to open if investing beneath $100 and expenses solely $3/month if investing over $100. Adam is a agency believer that the AUM mannequin is unhealthy for donor-advised funds and unhealthy for the {industry} total. Via Daffy, Adam hopes to make giving a behavior. He believes that if he can automate giving, the {industry} would see the same transformation because the retirement financial savings house. Additional, he cites analysis displaying that giving will increase by 32% if there’s a degree of pre-commitment from the person.

Traits in Fintech:
Adam highlights the next three traits in fintech as ones he’s significantly excited to see play out:

  • Target market: Early fintech corporations struggled to seek out customers that have been tech-forward sufficient to undertake their product. The pandemic modified this mindset and now fintech’s buyer base has elevated throughout all age teams.
  • Using “multi-player” video games: Adam believes that we’ll see extra funding in monetary purposes that contain a number of individuals, together with the monetary issues of roommates and group financial savings merchandise.
  • Distinctive monetary purposes: Adam believes that the subsequent period of fintech purposes received’t solely take present monetary merchandise on-line, however develop totally new merchandise that don’t exist proper now.

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Adam Nash:
Adam is a confirmed advocate for growth of merchandise that transcend utility to thrill clients. At Dropbox, he led the groups chargeable for progress, product technique, product administration & product analytics for a platform with over 600 million registered customers with duty for all of Dropbox self-service income (~90% of all firm income in 2019).

Earlier than Dropbox, Adam served because the President & CEO of Wealthfront, the place for 4 years he championed the creation of a brand new class of automated funding companies. Whereas Adam was at Wealthfront, the corporate grew its consumer base by over 60x, and grew belongings beneath administration 45x from lower than $100m to over $4 billion. Throughout his tenure, Wealthfront delivered industry-leading improvements together with Direct Indexing, the Single-Inventory Diversification Service, and the primary automated 529 School Financial savings Plan.

Previous to becoming a member of Wealthfront, Adam was Vice President of Product Administration at LinkedIn. Adam led LinkedIn’s Platform & Cellular merchandise, together with the launch of LinkedIn’s open developer platform and their extremely profitable native purposes and cellular internet experiences. Adam was the founder and architect of LinkedIn Hackdays, a seminal program for driving the innovation tradition on the firm. He additionally was chargeable for main LinkedIn’s search & cloud efforts, in addition to forming and main their person expertise & design workforce.

Previous to becoming a member of LinkedIn, Adam held plenty of management roles at eBay, together with Director of eBay Categorical, an revolutionary new website centered on new, fixed-price merchandise. Beforehand, Adam additionally held strategic and technical roles at Atlas Enterprise, Preview Programs and Apple.

Adam holds an MBA from Harvard Enterprise Faculty in addition to BS and MS levels in Laptop Science with a deal with Human Laptop Interplay from Stanford College.

Adam was born and raised in Silicon Valley the place he lives together with his spouse, 4 youngsters and a golden retriever.

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In regards to the Writer:
Anirudh Singh is a second-year MBA Candidate at The Wharton Faculty, the place he’s a part of the Wharton FinTech Podcast workforce. He has a ardour for financial growth, enterprise capital, monetary companies, and all issues FinTech. Don’t hesitate to achieve out with questions, feedback, suggestions, and alternatives at singhan@wharton.upenn.edu.

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