Walk us through kind of what was behind that and what some of the implications are on the economics of the business.

That's a great question and something we also put in our earnings call transcripts when we talk about this because I think one of the things that's really important to understand about Wealthfront is we've tried to create an all-weather business model that can grow in any macro because we obviously can't control interest rates in the stock market, which are very important to our business, but we should be prepared for them.

So cash management was a great way for the business in 2019 when it was launched to be able to grow in a high-rate environment where maybe the market's not doing well.

And what we have found is that that's the best time to attract clients, but then once you have a transition environment, it's the best time to get them in the other product.

And so in the most recent quarter, we have both – I think I would say since the end of last year, calendar year, and early this year, we've launched some incentives.

to help clients make the decision to move cash to invest.

And so right now, if you have a cash management account and you do direct deposit with us and you give us $1,000 a month in direct deposit as well as open an investment account, you get an extra 25 basis points on your cash management account, which as of the time of this recording would make you have a 3.55% interest rate, which is really good, one of the best on the market.

And how do you think about that, having that position overall as a benefit to the business and a potential signal in your investor story?

How much of that growth do you attribute to being a newly public company versus the underlying business momentum that was already there pre-IPO?

Yeah, that particular growth, uh, because our fiscal year ends Jan 31, that would've been Jan 31 26, um, that year end, and so we wouldn't have been public very long.

That, that particular growth was actually, uh, years of investment, um, in product and, and features, um, you know, namely the cash account.

Uh, so we have a cash management account, um, that today pays a, a base rate of 3.3%.

You can get various, uh, incentives if you do direct deposit or if you refer somebody or you're a new client.

Uh, there are ways to earn over 4%.

Um, and we've put a lot of investment in that, um, and we continue to build it out as a kind of fully functioned, uh, checking like account.

Um, can we talk a little bit about some of the other products? So what about Wealthfront's mortgage and refinancing product?

How do you size up those bets?

Well, a couple of things.

I mean, we believe that management teams need to be ambidextrous.

You need to kind of make sure that you are optimizing the core while also thinking about the next kind of leg of growth.

We, I would say, benefit from a very important set of data.

So when clients join Wealthfront, they typically link an account to fund and deposits.

But then we have a financial planning experience called Path, where you can link all of your accounts, not just your Wealthfront account, but your mortgage.

And as a CFO, I'm curious how you think about the balance between product-led growth and paid acquisition.

What are maybe two or three specific things that you changed for the finance org? And what are two to three main sort of products that changed that got you to this trajectory of over a million customers and 80 billion under management?

Yeah.

So on the latter part of that question, from a product perspective, we have built a suite across the risk spectrum.

So it's not just the automated index investing account that we launched with back in 2011.

We've both continued to improve that account year after year.

but we've added the cash management account, which is extremely popular.

We've added bond ladders, which I know we can discuss later, as well as S&P 500 direct indexing.

How do you think about it sort of on a normal path? And how do you think about what AI is going to do to the industry over the next five years?