Former Paypal CEO Launches Evergreen Wealth

Around $124 trillion is set to change hands by 2048.

That is the largest generational wealth transfer in history at a time when a new generation of investors is taking control of trillions in assets and demanding more flexible tech-savvy solutions.

While Evergreen Wealth just launched as a new digital investment firm aiming to meet the changing needs of.

And high net worth clients founded by Bill Harris, former CEO of PayPal and personal capital.

The company combines human advisors with AI.

Well joining me this morning is none other than Bill Harris, founder and CEO of Evergreen Wealth.

Bill, great to have you here.

Thank you so much for joining me today.

So first and foremost, how does Evergreen wealth combine human expertise with artificial intelligence?

Well, first of all, Remy, great to be here.

Thank you.

We're doing it a little bit different than most larger financial firms.

Most of the financial firms, and many, everybody is investing in AI.

The larger firms typically are looking at cost reductions, so they're running out and taking a look at a 300 person call center and saying, Wow, could I do this with 30 people?

We're not doing that.

We're using AI to improve and enhance the service, the service being financial advice, and Our view, strong view is that, um, having the AI, um, which is tuned to financial issues, um, by itself is not enough.

And so we team that with, um, human.

A financial advisors and then have them work in tandem.

You can get the AI advice immediately 24 hours a day on the app, and then you can push farther and talk to your dedicated adviser.

And Bill, we all want to maximize after tax returns.

So tell us a little bit more about dynamic portfolios, and can you explain to us how they maximize after tax returns?

Sure, the entire industry thinks about pre-tax return, and as we all can imagine, pre-tax return is important, but it's not what you can put in your pocket.

Really the only thing that matters at the end of the day is your after-tax return, what you actually keep.

And so we've built a system and it's interesting thinking about your, your prior guest who's talking about real-time highly programmable trading.

We don't do trading for the sake of trading.

We're long term investors.

However, we are doing a great deal on the programmatic side.

We first of all, all of our trading is real time already.

All of it's electronic, but it's also completely automated and programmable.

So what we're doing is a combination of things rebalancing and tax loss harvesting and asset location across different kinds of accounts in your portfolio taxable, tax deferred, tax exempt.

And we're using that uh to consistently and, um, and, um, and over and over again, maximize your after-tax return.

And Bill, all of us want youth and wealth, or so they say.

So what trends among young affluent investors actually led to Evergreen's creation here?

Well, the first thing is, um, is.

Bringing something to the younger generation and by that I mean people who are in their peak working years in the accumulation phase as opposed to getting ready for retirement, who don't want their father's adviser.

They want something new, they want something digital, they want something available in the app.

They want something available via chat, via email, via personal video, and we put all of that in an integrated fashion.

A right in front of them and then at the same time what we do is understand what they need and what they want and then we automate and take care of all of the trading in the background.

And so for instance, every single day we are looking at every single tax lot of every single security in your portfolio.

And we take hundreds of securities in your portfolio.

And so at the end of the day, although we're not trading that frequently, we are making buy sell decisions on each tax lot 100,000 times for each customer over the course of the year.

And Bill, finally, before I let you go, you're the former CEO of PayPal, and a lot has changed when it comes to the world of finance since then, but you are a visionary, so tell us how your past leadership roles influenced Evergreen's vision.

In many of the things that I've done in the past, such as PayPal, we've tried to envision what life will be like 10 and 15 years from now.

And in this case what we're doing is building what I think is the next generation of how long term investing and wealth building is going to work where you have distinct control not only of what your long term requirements are but also your portfolio.

We take the for.

Since the S&P 500, we deconstruct it into hundreds of its constituents so that we can completely personalize something for you and then we automate the management, as I said, down to the individual tax lot monitored every single day.

That is how we can build incredible.

A benefit from the tax focus.

Typically for a moderately high income person in a moderately high tax state, we can over time increase your after-tax return, your cumulative after-tax return by 29%.

Well, Bill, we will have to leave it there for today, but make sure to stop by our set in New York next time you're in town.

Thank you so much for joining us and thank you so much for sharing all of your insights.

My pleasure.