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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

"Atmospheric river" swings Northern California from drought to flood

The bomb cyclone and atmospheric river seen via satellite on Sunday. The center of the storm is at the middle of the comma shape, due west of Washington State. (CIRA/RAMMB)

A series of powerful "atmospheric river" storms are delivering historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest from this weekend, forecasters warn.

Why it matters: A strong atmospheric river, packing large amounts of moisture, is predicted to whiplash Northern California from drought to flood.

Mike Allen, author of AM
4 hours ago - Politics & Policy

Fauci fires back at Rand Paul for slam on tonight's "Axios on HBO"

Responding to charges by Sen. Rand Paul on Sunday's "Axios on HBO," NIAID director Anthony Fauci told "ABC This Week" that it's "molecularly impossible" for U.S.-funded bat virus research in China to have produced COVID-19.

Why it matters: The issue 0f Wuhan research was reignited on the right last week with a National Institutes of Health letter to Congress disclosing more about the research.

Manchin, Schumer huddle with Biden in Delaware to discuss spending bill

Senate Majority Leader Chuck Schumer (left) and Sen. Joe Manchin at the U.S. Capitol in 2014. Photo: Win McNamee/Getty Images

Sen. Joe Manchin (D-W.Va.) will meet with President Biden and Senate Majority Leader Charles Schumer (D-N.Y.) on Sunday morning in Delaware as Democrats look to reach an agreement on the massive spending measure.

Driving the news: Democrats are still negotiating what to keep in the bill and how to pay for it, with Biden saying on Thursday that the party does not have the votes to raise the corporate tax rate.