Posted on February 1, 2016 in Dobot news
What’s the Deal With Dobot? A Co-Founder’s Story
My co-founders and I started Dobot because we share a deep belief that everyone has the right to financial health.
Everyone. Whether you’re living paycheck to paycheck or making a six-figure income, Dobot offers simple tools to help you reach your financial goals. That means skipping the financial jargon and making it easy to save and invest for the things that are important to you—whether that’s your next vacation or car, or the next big milestone in your life like a new baby or your retirement.
Why am I so passionate about Dobot’s mission? I’ve spent 27 years in the financial industry. I started out as a financial advisor in New York, a block away from Wall Street. I’ve worked with advisors from all over the country and the world, and later became CEO of Citigroup Private Bank, North America.
I’ve helped many of America’s wealthiest people make smart decisions about their money. In many ways, I had a dream career. So it may come as a surprise that I often felt something was lacking—that I wasn’t truly fulfilled. And interestingly, as my career rose, my patience for many of Wall Street’s practices fell. I began to ask myself some hard questions: Are clients’ interests always put first? Are the fees they are charged reasonable and fair?
And perhaps most importantly—is the promise of Wall Street offered to everyone, or just a privileged few?
Fast forward to today. After years of observing and working within the U.S. financial system, I’m convinced that it’s broken. The average American has about $5,500 in their checking account. 63% of Americans wouldn’t be able to withstand an unexpected hardship of $1,000, whether that’s the loss of a job, an illness or even a broken down car. To put it simply, too many people are plagued by debt, financial stress and an innate fear of managing their money. And too often they are completely ignored for one simple reason: they don’t have enough money to be considered worthy of the help and effort of Wall Street firms.
That’s why my co-founders and I set out to create an app that will help you save money automatically and easily. We offer an easy and engaging way to create goals for the things that matter most to you. And soon, Dobot will also allow you to invest your money intelligently and simply—without paying advisory and transaction fees.
I’ve spent the first part of my career helping those who have the most wealth. I’m choosing to spend the second part of my career helping those who have the most need. After all, everyone should have the right to financial health.
Want to be among the first to try Dobot? The app is available now – download it here. Meanwhile, thanks for letting me share my story.