I think you’re overestimating the revenue an asset manager makes with $11b assets under management (AUM).

They aren’t a hedge fund (no profit sharing) and take .25% in fees a year. $11b *.25% is only $27.5m. Hardly a unicorn scale business IMO unless they are pitching investors they’ll get to Blackrock scale (trillion in AUM). Personally I don’t see it. Switching cost is big for existing clients but new clients have a bunch of Robo options now including free ones offered by Schwab, big banks, etc.

For some perspective, after college I worked for an investment fund with around $3b AUM with around 7-8 full time staff with a similar fee structure...it was basically a nice lifestyle company for the two founders.