Brad Gerstner on the Largest Wealth Transfer to America’s Kids

Molly O'Shea (0:00)

All right, we have a live one. Brad is a very special celebrity, because people come up to him with how much he's impacted their life. So, you have a Trump account?

David Harris (0:10)

My son does, yeah. Yeah, my son Derek, he's a high schooler, and we just opened him a Trump account earlier this summer.

Brad Gerstner (0:17)

What's your name, and where are you from?

David Harris (0:18)

David Harris, I'm from Powley, California, down in San Diego.

Brad Gerstner (0:21)

Oh, I love it. So we're here at the All In Summit. Molly's amazing. And I've had a lot of people come up and say they have a Trump account. My first question is, do you have the app on your phone? If they do, get out the app and I'm going to put 100 bucks in your son's account. So what's his name?

David Harris (0:34)

Derek Harris.

Brad Gerstner (0:35)

So we're going to walk through-

Molly O'Shea (0:36)

Talk through how easy this is.

Brad Gerstner (0:38)

So here he is. You can see on his phone, if you just turn it a little bit.

Molly O'Shea (0:42)

There's a QR code.

Brad Gerstner (0:43)

It's a QR code on his phone. So you pull it up. I scan the QR code.

So scan his QR code. It works very fast, but it is very sunny. And now we deal a little bit with a slightly slow Wi-Fi, as you know, Molly.

Molly O'Shea (0:56)

Brad, how many of these did you put some money into yesterday?

Brad Gerstner (1:00)

I think I probably spent 5,000 bucks to 50 accounts maybe for people over the last two days. I mean, listen, it's addictive. I like it so it's so exciting to add money into your kid's account. So you can see on my phone, it says contribute to Derek's future. Your son's name is Derek.

Molly O'Shea (1:19)

Okay. Shout out to Derek.

Brad Gerstner (1:20)

So get started. So just brings us up. We're going to give him 150 bucks because he went on air with us.

Molly O'Shea (1:26)

Okay.

Brad Gerstner (1:26)

So 100, 150 bucks. And then it just says, who's it from? Right. So Brad Gerstner. Give a little message to Derek.

Molly O'Shea (1:35)

Pop a photo in there, take a selfie.

Brad Gerstner (1:37)

Exactly. So here we go.

Hey Derek, you have an awesome dad. Here's a little gift to get you started. Make sure you save a lot and keep compounding.

David Harris (1:46)

Okay. That's Derek right there.

Brad Gerstner (1:48)

Awesome. So you can see the message drops in. I say go. Then it says, you know, confirm that you want to give this 150 bucks to Derek. Okay. Then it just goes here. I use Apple Pay. Okay. I have to choose my debit card because we haven't lit up AMEX yet. Okay. So I double click on it just like I always do.

Wow.

Okay. Give it a second. Done. So now thanks for your contribution. And boom, there's my JP Morgan account that's been debited 150 bucks. We just hooked up Derek.

Molly O'Shea (2:22)

Really easy.

David Harris (2:22)

That's awesome.

Brad Gerstner (2:23)

That's awesome.

David Harris (2:24)

Can I get a picture with you?

Molly O'Shea (2:25)

Yeah, let's do it. Let's do it.

David Harris (2:26)

Show them who's helping them out.

Brad Gerstner (2:27)

Yes. Tell them the founder of Invest America.

I love it.

Molly O'Shea (2:33)

I love it.

Brad Gerstner (2:33)

This is great.

Molly O'Shea (2:36)

Here, let me get the all in in the background. Awesome. All right.

David Harris (2:40)

You're the number one bestie.

Brad Gerstner (2:42)

I appreciate it.

David Harris (2:43)

I appreciate it. Thank you so much.

Brad Gerstner (2:44)

Thank you. Thank you.

David Harris (2:45)

Thank you.

Brad Gerstner (2:45)

Awesome. So there you go.

Molly O'Shea (2:47)

So as you can see, Invest America, Trump accounts, they're super easy to put money into. And it's quite addicting. I know you have a problem with it now because you're giving everybody money. But I did this for my nephews like a month ago or so. And I was like, well, I maxed out the accounts because I was really excited. And I just wanted to put more money in. So I guess talk about the overall structure of that.

Brad Gerstner (3:08)

Yes. So I mean, listen, from the beginning, we were never building a program. We were building a platform. We want to have a universal infrastructure and capital accounts for every citizen in the country. We started with kids, newborns, and then we said, let's do everybody under 18