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Illustration: Sarah Grillo/Axios

Ken Fisher doesn't care about millennials, or apps, or disrupting anything; he's in all respects the epitome of the kind of investment manager that younger, cooler startups are attempting to disrupt. So far, there's no sign that they've made so much as a dent in his revenues.

The backdrop: Fisher's firm, Fisher Investments, now manages $100 billion. RIABiz, an investment-advisory trade publication, estimates that he's generating $1 billion a year in revenues.

  • In a world where Fidelity is offering mutual funds with zero expense ratio and no minimum investment, Fisher Investments turns away potential customers with less than $500,000 to invest, and charges an eye-popping 1.5% on the first $475,000 of that amount. Those obstacles haven't stopped the money from pouring in: Fisher's assets under management continued to grow in 2018, even as the broad market saw a substantial decline.

Fisher's comparative advantage is in sales and marketing. His advertising budget has been so large for so long that his name recognition is super-high; he is also happy to use his own billionaire status as a way to attract clients. His product is designed to appeal to older investors, often retirees, who like to talk to a fellow human about their finances, and who don't mind paying more than 1% of their assets every year in order to be able to do so.

  • By the numbers: Every client with more than $10 million under management is generating a six-figure annual revenue for Fisher Investments. That kind of money buys a lot of TV ads.

The bottom line: It's going to be decades before millennials have the kind of wealth that Fisher's clients enjoy, which means that Fisher Investments has the luxury of time on its side. Meanwhile, the venture capitalists who have invested in smaller shops are not just chasing younger, poorer investors; they're also much less patient. For the time being, then, the dinosaurs still have the advantage.

Go deeper: The ultra-liquid ultra-rich

Go deeper

Mike Allen, author of AM
1 hour ago - Politics & Policy

Biden's "overwhelming force" doctrine

President-elect Biden arrives to introduce his science team in Wilmington yesterday. Photo: Kevin Lamarque/Reuters

President-elect Biden has ordered up a shock-and-awe campaign for his first days in office to signal, as dramatically as possible, the radical shift coming to America and global affairs, his advisers tell us. 

The plan, Part 1 ... Biden, as detailed in a "First Ten Days" memo from incoming chief of staff Ron Klain, plans to unleash executive orders, federal powers and speeches to shift to a stark, national plan for "100 million shots" in three months.

Off the Rails

Episode 2: Barbarians at the Oval

Photo illustration: Sarah Grillo/Axios. Photo: Jim Watson/AFP/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 2: Trump stops buying what his professional staff are telling him, and increasingly turns to radical voices telling him what he wants to hear. Read episode 1.

President Trump plunked down in an armchair in the White House residence, still dressed from his golf game — navy fleece, black pants, white MAGA cap. It was Saturday, Nov. 7. The networks had just called the election for Joe Biden.

Fringe right plots new attacks out of sight

Illustration: Aïda Amer/Axios

Domestic extremists are using obscure and private corners of the internet to plot new attacks ahead of Inauguration Day. Their plans are also hidden in plain sight, buried in podcasts and online video platforms.

Why it matters: Because law enforcement was caught flat-footed during last week's Capitol siege, researchers and intelligence agencies are paying more attention to online threats that could turn into real-world violence.