Our very own Kristi Ross sat down for an interview with Accern - which is a company that has created software to help hedge funds and institutional investors get access to news early - to discuss tastytrade. The original story here.
Can you tell me about tastytrade?
tastytrade empowers the do-it-yourself investor and enables them to do extraordinary things with their money. We engage our viewers in the financial markets, help them maneuver the markets and identify opportunities. We produce 8 hours of live original programming every day. Our research-based content teaches a logical, mechanical approach to invest while challenging viewers to better understand how active investing can have considerably less risk than a passive buy-and-hold approach.
How did you start working at tastytrade?
I am one of the co-founders with Tom Sosnoff. Tom was one of the founders of ThinkorSwim (an online brokerage company we sold to TD Ameritrade for $750M in 2009) and I was ThinkOrSwim’s CFO. Post the acquisition and integration, it was time to fill a void in finance and investing. Tom had a vision to make finance fun and actionable. We set out to create the first financial network that was engaging, actionable and fully transparent. The tastytrade network was born!
What do you enjoy most about working at tastytrade?
I am a firm believer in “Do What You Love, Love What You Do” because you spend a majority of your time doing it. Empowering investors with free useful and actionable information – helping to build investor confidence, is what I find enjoyable. I find it exciting to make trading accessible and attainable for all.
Who are your target customers?
The tastytrade target customer does not focus on a specific demographic. We have customers that are millennials all the way to retirees, who range from beginners to advanced investors. The common thread is their desire to learn, be challenged and want to control their money.
What is your traction so far?
Viewers have watched 30 million hours of tastytrade content! Our DIY customers can be found in over 150 countries and the number continues to grow.
Who are your competitors?
We have no direct competitors that encompass all that we do for the self-directed investor, which includes tastytrade ‘s actionable research-based content with our new brokerage firm’s tailored trading technology and fees that appropriately fit the trading methodology we teach every day on air at www.tastytrade.com.
Why do customers use your solution versus your competitors?
We don’t have competitors. We find do-it-yourself investors attracted to our 360-degree experience, from in-depth trading content with trade ideas and strategies to technology and brokerage with appropriate, fully transparent fees.
What’s your revenue model – how do you generate revenue?
Beginning January 2017, we’re launching a new brokerage firm with fees tailored to the methodology of trading we teach.
Do you have partners and how do they contribute to the growth of tastytrade?
We are really fortunate enough that our “TastyNation,” our amazing customers who follow us are our ambassadors. We celebrate their successes and their appreciation, feedback, and support are invaluable. We do minimal paid-for marketing, as word-of-mouth (in-person as well as digitally) is the best source to attract new customers.
What is your plan for the next six to twelve months?
We have a mission to debunk the myths around active vs. passive investing. We plan to redefine “active trading” to help individuals understand what it means to be “active” and help empower them to take control of their finances. The same team built ThinkOrSwim starting in 2000, tastytrade in 2011, and now we are reemerging in the brokerage industry in January 2017 with ‘tastyworks’…bigger and bolder than ever. In the first year, we expect to exceed levels it took us six years to reach when we built ThinkOrSwim.
Is there anything else you’d like to add?
We encourage investors to start their “active investing” journey by reading our white paper on active vs. passive investing here