CAC, LTV, churn, payback, margin, and productivity determine viability. Wealth has favorable unit economics due to high AUM yields; insurance economics depend on loss ratios; banking economics depend on NIM + fees; fintech economics depend on growth velocity and capital-light models.
Channel Economics
| Channel | CAC | Margin | Comments |
|---|---|---|---|
| Direct | Low | Medium | high competition |
| Broker | High | High | complex incentives |
| Advisor | High | High | relationship-driven |
| Embedded | Low | Low | scale-dependent |
| Marketplace | Medium | Low | price transparent |