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1/ Wealthsimple has US$4.5B in assets under management (AUM) and 150,000 clients (math says: US$ 30,000 in AUM per client on average). cnbc.com/2019/05/22/rob… What are Wealthsimple's unit economics? Use your detective skills to determine the factors.
2/ How much does Wealthsimple pay on average to acquire a customer? What is average revenue per user? What is monthly customer churn? What about gross margin? What comparables with publicly available metrics from other businesses would you use as part of your detective work? 
Invert!
Assume charging a fee of .5% on a customer with $30K in AUM, a 70% gross margin, a churn rate of 2% a month and a 12% cost of money. What is the most a business can pay to acquire that customer and still break even financially?
What is return at 1% monthly churn? 3%?
Assume charging a fee of .5% on a customer with $30K in AUM, a 70% gross margin, a churn rate of 2% a month and a 12% cost of money. What is the most a business can pay to acquire that customer and still break even financially?
What is return at 1% monthly churn? 3%?
