Surprised Wealthfront's Adam Nash took off the gloves? You shouldn't be
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In my last post I discussed the contretemps between Wealthfront and Charles Schwab. Here I look at what Adam Nash’s salvo across the Charles Schwab bow suggests about where he’s taking his fast-growing firm, and about his leadership style. The readiness of Nash (after barely a year as CEO) to go after Schwab reflects a changing of the guard on three fronts.
- The first change is generational. As I told RIA Biz, Nash has little truck for tradition, and even less patience for what he sees as inefficient or customer-unfriendly practices.
- Second, Nash is a disruptor by nature. His predecessor (Stanford Business School professor and storied venture capitalist) Andy Rachleff, while brilliant and innovative, is very much invested in the Silicon Valley ecosystem.
- Three, Nash is a software engineer, while Rachleff (Wharton ’80) is a businessman and investor.