Wealthfront

Wealthfront Inc.
FormerlykaChing (2008–2010)
IndustryPersonal finance, Stock exchanges, Finance
Founded2008; 17 years ago (2008)
Redwood City, California
Founders
Key people
AUM$75 billion (2024)[1]
Number of employees
238 [2]
Websitewww.wealthfront.com Edit this at Wikidata

Wealthfront Inc. is an automated investment service firm based in Palo Alto, California,[3][4][5][6] founded by Andy Rachleff and Dan Carroll in 2008.[7][8] As of October 2024, Wealthfront had over $75 billion AUM across more than 1,000,000 accounts.[1]

History

Wealthfront was founded by Benchmark co-founder Andy Rachleff together with Dan Carroll in 2008 as kaChing, a mutual fund analysis company, before pivoting into wealth management.[9][7][5][10] Rachleff was the firm's founding CEO.[10] In December 2012, the firm started tax-loss harvesting for accounts of more than $100,000.[11][12]

The company started 2013 with $97 million in assets under management and grew by 450% in one year.[8] In 2013, Wealthfront introduced "direct indexing", a tax-loss harvesting platform that purchases the individual securities of an investment portfolio.[13] Between January 2014 and October 2016, Adam Nash was Wealthfront's CEO.[4] Founder Andy Rachleff retook the role in 2016.[14]

In 2016, Wealthfront launched a partnership with the state of Nevada to launch a 529 tax-advantaged college savings plan. In the previous year, Nevada passed approval on a new tax credit for employers who provide fund matching to employees participating in 529 savings programs.[15] Andy Rachleff is currently the executive chairman and chief executive officer. In January 2018, Wealthfront launched homeownership planning tool for Path.[16][17] In January 2020, Wealthfront was listed in Business Insider's Top 10 Best Robo Advisors in 2020.[18]

In January 2022, UBS agreed to acquire Wealthfront for $1.4 billion.[19] The acquisition was mutually terminated in September 2022 with both companies not providing a reason.[20][21] UBS announced that it would instead invest in a $69.7 million note convertible into Wealthfront shares, valuing the latter at its acquisition price.[21]

Cash account

In February 2019, Wealthfront introduced a cash account, a high interest savings account.[22] The cash account has an interest rate that tracks the federal funds rate, is FDIC insured up to $8 million, and has an account minimum of $1. Wealthfront is able to offer the $8 million FDIC insurance because it deposits its clients' cash account funds in a network of partner banks including Citibank, HSBC, and Wells Fargo.[23][24]

In June 2020, Wealthfront added checking features to this account including direct deposit, bill pay, and ATM access.[25]

The cash account was originally available only to clients with an existing investment account. In August 2020, Wealthfront made the cash account generally available.[26]

Wealthfront uses Green Dot Bank for its individual cash accounts' routing and account numbers, and for debit cards linked to individual cash accounts.[27]

Fee structure

Wealthfront charges an advisory fee of 0.25% on funds it invests for its clients. Only investment accounts are charged this fee (cash accounts are not). Wealthfront periodically offers a fee waiver of $5,000 if clients sign-up from affiliate links. Additionally, clients can earn a $5,000 fee waiver for new client referrals; the new client must start using the service, and the fee waiver will be eliminated if the new client leaves the service. Both the referrer and the referee receive the $5,000 fee waiver.

Wealthfront's investment account minimum is $500.[28]

Finances

The company has received funding from Benchmark Capital, DAG Ventures, Index Ventures, Social Capital and individuals, including Marc Andreessen and Jeff Jordan.[10] In April 2014, Wealthfront raised $35 million in a funding round led by Index Ventures, Ribbit Capital and Benchmark Capital.[29] The funding round brought the firm's total funding to $65.5 million.[30]

See also

References

  1. ^ a b "Give all your money a place to grow | Wealthfront". www.wealthfront.com. Retrieved 2024-09-27.
  2. ^ Wealthfront
  3. ^ Leena Rao (2014-01-13). "Automated Investment Services Company Wealthfront Now Manages Over $538M In Assets, Up 450 Percent Over The Past Year". Retrieved 2014-08-22.
  4. ^ a b Brooke Southall (2014-01-30). "Andy Rachleff is out as CEO of Wealthfront as former LinkedIn star takes his place". Retrieved 2014-08-22.
  5. ^ a b Saitto, Serena (25 March 2014). "Wealthfront Said to Be Raising $30 Million Led by Index". Bloomberg News. Bloomberg L.P. Retrieved 22 August 2014.
  6. ^ "The 2014 CNBC Disruptor 50 List". CNBC. 17 June 2014. Retrieved 2014-08-22.
  7. ^ a b Eric Savitz (2012-03-01). "WealthFront: Asset Manager Targets Valley's Nouveau Riche". Forbes. Retrieved 2014-08-22.
  8. ^ a b Leena Rao (2014-04-02). "Automated Investment Service Wealthfront Raises $35M From Index, Ribbit Capital". Retrieved 2014-08-22.
  9. ^ Jason Kincaid (2009-12-15). "kaChing Raises $7.5 Million To Turn Mutual Funds On Their Heads". Retrieved 2015-03-19.
  10. ^ a b c Tom Taulli (2012-02-07). "Interview: Wealthfront CEO and Founder Andy Rachleff". Retrieved 2014-08-22.
  11. ^ Marcus Wohlsen (2012-10-09). "Now Tech Plebes Can Dodge Taxes Like a Former Governor". Wired. Retrieved 2014-08-22.
  12. ^ Kim-Mai Cutler (2012-10-09). "Financial Planning Startup Wealthfront Woos Silicon Valley Workers With A Once-Secret Investment Trick". Retrieved 2014-08-22.
  13. ^ Wommack, Sanders (19 December 2014). "Wealthfront's high-net-worth cat leaps out of the bag -- keeping it one robo 'pivot' ahead of Schwab". RIA Biz. Retrieved 27 January 2015.
  14. ^ "Exclusive: Wealthfront's Founder Reclaims CEO Role as Current Chief Steps Down". Fortune. Retrieved 2020-05-10.
  15. ^ Andrea Davis (2016-06-03). "Wealthfront leads robo expansion into college savings plans". Retrieved 2016-07-14.
  16. ^ Neal, Ryan W. (29 January 2018). "Wealthfront app to help millennials with this lofty goal". www.investmentnews.com. Retrieved 2018-05-17.
  17. ^ "Wealthfront Launches Homeownership Planning Tool - Finovate". Finovate. 2018-01-30. Retrieved 2018-05-17.
  18. ^ Meola, Andrew. "Top robo advisors in 2020: Performance reviews, returns, and comparisons". Business Insider. Retrieved 2020-03-17.
  19. ^ "UBS buys Wealthfront in $1.4 bln deal to widen U.S. reach". Financial Post. 2022-01-26. Retrieved 2022-01-26.
  20. ^ Balezou, Myriam (2022-09-05). "UBS Growth Plans in US Dented After Wealthfront Deal Fails". Bloomberg News.
  21. ^ a b Snel, Ross (2022-09-02). "UBS Planned to Buy Robo-Advisor Wealthfront. Now the Deal's off". Barron's.
  22. ^ "Introducing the Wealthfront Cash Account". Wealthfront Blog. 2019-02-14. Retrieved 2021-02-16.
  23. ^ "Enjoy high-interest checking with no account fees | Wealthfront". www.wealthfront.com. Retrieved 2021-02-16.
  24. ^ "Wealthfront's Cash Account: What It is & How to Use It". www.moneyunder30.com. Retrieved 2021-02-16.
  25. ^ "The Wealthfront Cash Account Now Comes With Checking Features". Wealthfront Blog. 2020-06-29. Retrieved 2021-02-16.
  26. ^ "Start Earning 2.24% APY on Your Cash Today". Wealthfront Blog. 2019-03-19. Retrieved 2021-02-16.
  27. ^ Wealthfront (2024-04-30). "What's Green Dot Bank?". Retrieved 2024-06-12.
  28. ^ "Referrals: What's the Wealthfront Invite Program?". Wealthfront Support. Retrieved 2021-02-15.
  29. ^ "Funding Roundup: Wealthfront Raises $35 Million, Reports 450% Growth". Daily News. 2014-04-04. Retrieved 2014-08-22.
  30. ^ Gabrielle Karol (2014-06-13). "High-Tech Investing Startup for Millennials Hits $1 Billion in Assets". Retrieved 2014-08-22.

Read other articles:

9th

9thAlbum studio karya NetralDirilis1 April 2007GenreRockLabelKancut RecordsAlfa RecordsKronologi Netral Putih (2005)Putih2005 9th (2007) The Story Of (2009)The Story Of2009 9th merupakan sebuah album musik kesembilan karya Netral. Dirilis pada tahun 2007 dengan lagu utamanya yang berjudul Pertempuran Hati dan Cinta Gila.[1] Daftar lagu Pertempuran Hati Serigala Bidadari Air Superego Belenggu Fatamorgana Cinta Gila In Solitude Plan C Ikrar Unlimited Personil Bagus Dhanar Dhana (Bag...

 

 

Battle of Sultan Yacoub

Battle between Syria and Israel during the 1982 Lebanon War Battle of Sultan YacoubPart of the 1982 Lebanon War and Lebanese Civil WarA captured Israeli ERA-equipped M48 Patton tank on display at the Kubinka Tank Museum in Russia, very likely given to Russia by Syria after the battle.DateJune 10, 1982LocationNear Sultan Yacoub, Bekaa LebanonResult Tactical Syrian victoryBelligerents  Israel  SyriaCommanders and leaders Brig. Gen. Giora Lev Gen. Ali Habib Mahmud Gen. Shafiq FayadhUni...

 

 

The Dubliners (album)

1964 live album by The DublinersThe DublinersLive album by The DublinersReleased1964StudioLivingston Recording Studios, LondonGenreIrish folkLength36:28LabelTransatlanticProducerNathan JosephThe Dubliners chronology The Dubliners(1964) In Concert(1965) US cover Professional ratingsReview scoresSourceRatingAllmusic[1] The Dubliners is the debut album by the Irish folk band The Dubliners. A studio recording in front of a small invited audience, It was produced by Nathan Joseph ...

Triangle of Sadness

Triangle of SadnessPoster filmNama lainPrancisSans filtreArtiTanpa filter SutradaraRuben ÖstlundProduser Erik Hemmendorff Philippe Bober Ditulis olehRuben ÖstlundPemeran Harris Dickinson Charlbi Dean Dolly de Leon Zlatko Burić Henrik Dorsin Vicki Berlin Woody Harrelson Penata musik Mikkel Maltha[1] Leslie Ming[1] SinematograferFredrik WenzelPenyunting Ruben Östlund Mikel Cee Karlsson Perusahaanproduksi Imperative Entertainment Film i Väst BBC Film 30WEST Platt...

 

 

Zaman Negara-negara Berperang

Untuk zaman perang saudara di Jepang, lihat zaman Sengoku. Artikel ini tidak memiliki referensi atau sumber tepercaya sehingga isinya tidak bisa dipastikan. Tolong bantu perbaiki artikel ini dengan menambahkan referensi yang layak. Tulisan tanpa sumber dapat dipertanyakan dan dihapus sewaktu-waktu.Cari sumber: Zaman Negara-negara Berperang – berita · surat kabar · buku · cendekiawan · JSTOR Bagian dari seri artikel mengenaiSejarah Tiongkok ZAMAN KUNO N...

 

 

Newtown School, Waterford

This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed.Find sources: Newtown School, Waterford – news · newspapers · books · scholar · JSTOR (December 2020) (Learn how and when to remove this template message) Independent school in IrelandNewtown School, WaterfordLocationWaterford, County WaterfordIrelandInformationTypeIndepende...

Население Луганской области

По данным Госкомстата на 1 октября 2014 года в области проживало 2227,6 тыс. человек[1] человек (2546,2 тыс. в 2001 году и 2862,7 тыс. в 1989 году). По численности населения Луганская область занимала 6 место среди областей Украины. В 2014 году на части территории Луганской области образов...

 

 

Rinaldo Roggero

Questa voce sull'argomento calciatori italiani è solo un abbozzo. Contribuisci a migliorarla secondo le convenzioni di Wikipedia. Segui i suggerimenti del progetto di riferimento. Rinaldo Roggero Nazionalità  Italia Calcio Ruolo Attaccante Termine carriera 1925 - giocatore1947 - allenatore Carriera Squadre di club1 1913-1925 Savona101 (14) Nazionale 1920 Italia1 (0) Carriera da allenatore 1933-1938 Savona1939-1940 Savona1942-1943 Savona1946-1947 Savona 1 ...

 

 

Great European immigration wave to Argentina

Major immigration event took place in the late 19th and early 20th century Further information: Immigration to Argentina You can help expand this article with text translated from the corresponding article in Spanish. (July 2019) Click [show] for important translation instructions. View a machine-translated version of the Spanish article. Machine translation, like DeepL or Google Translate, is a useful starting point for translations, but translators must revise errors as necessary and c...

Warne–Muralitharan Trophy

Australia-Sri Lanka cricket award Warne–Muralidaran TrophyThe Warne-Muralidaran TrophyCountries Australia Sri LankaAdministratorCricket AustraliaSri Lanka CricketFormatTest cricketFirst edition2007–08 (Australia)Latest edition2022 (Sri Lanka)Next edition2025 (Sri Lanka)Tournament formatTest SeriesNumber of teams2Current trophy holder AustraliaMost successful Australia (4 titles)Most runs Michael Hussey (994)Most wickets Rangana Herath (56)[1] The Warne–Murali...

 

 

Masterpiece (chanson)

Cet article est une ébauche concernant Madonna et une chanson. Vous pouvez partager vos connaissances en l’améliorant (comment ?) selon les recommandations des projets correspondants. Consultez la liste des tâches à accomplir en page de discussion. Pour les articles homonymes, voir Masterpiece (homonymie). Masterpiece Pochette de Masterpiece Single de Madonnaextrait de l'album MDNA Sortie 2 avril 2012 Enregistré 20113:20 Studios(Los Angeles, Californie)MSR Studios(New York, ...

 

 

rumpun bahasa Asli

Cari artikel bahasa  Cari berdasarkan kode ISO 639 (Uji coba)   Cari berdasarkan nilai Glottolog   Kolom pencarian ini hanya didukung oleh beberapa antarmuka Halaman rumpun acak Rumpun bahasaAsliPersebaranSemenanjung Malaya dan ThailandPenggolongan bahasaAustroasiaAsli Jahaik Senoik Semelaik Jah Hut ?Shompen Kode bahasaGlottologasli1243Lokasi penuturanPenyebaran bahasa Austroasia, dengan bahasa Asli di bawah kanan  Portal BahasaSunting kotak info • L • B ...

Shūeisha

Questa voce o sezione sugli argomenti case editrici di fumetti e aziende giapponesi non cita le fonti necessarie o quelle presenti sono insufficienti. Puoi migliorare questa voce aggiungendo citazioni da fonti attendibili secondo le linee guida sull'uso delle fonti. ShūeishaLogo Shūeisha Jimbocho Building a Chiyoda-ku, Tokyo Stato Giappone Forma societariaKabushiki kaisha Fondazione1925 (prima volta)1949 (seconda volta) a Tokyo Fondata daShōgakukan Sede principaleChiyoda Gru...

 

 

أندريا غاروسيو

أندريا غاروسيو   معلومات شخصية الميلاد 12 يونيو 1993 (31 سنة)[1]  بريشا  الجنسية إيطاليا  الحياة العملية الفرق كولباك  [لغات أخرى]‏ (2017–2017)فريق البحرين ميريدا للدراجات الهوائية (1 أغسطس 2018–31 ديسمبر 2018)فريق البحرين ميريدا للدراجات الهوائية (2019–2019)ويلير تريس...

 

 

Davy Crockett

American politician and folk hero (1786–1836) David Crockett redirects here. For the professional wrestling announcer, see David Crockett (wrestling). For other uses, see Davy Crockett (disambiguation). Davy CrockettDavy Crockett portrait by Chester Harding (1834)Member of theU.S. House of Representativesfrom TennesseeIn officeMarch 4, 1827 – March 4, 1831Preceded byAdam Rankin AlexanderSucceeded byWilliam FitzgeraldConstituency9th districtIn officeMarch 4, 1833 – Marc...

House of Lords (Austria)

Upper house of the Cisleithania (Austria-Hungary) Parliament This article is about the Austrian House of Lords. For other uses, see House of Lords (disambiguation). This article includes a list of references, related reading, or external links, but its sources remain unclear because it lacks inline citations. Please help improve this article by introducing more precise citations. (September 2018) (Learn how and when to remove this message) House of Lords HerrenhausLesser coat of arms of Cisle...

 

 

Economic history of Morocco

This article's lead section may be too short to adequately summarize the key points. Please consider expanding the lead to provide an accessible overview of all important aspects of the article. (February 2023) Part of a series on the History of Morocco Prehistory Acheulean Mousterian Aterian Iberomaurusian Capsian Classical to Late Antiquity(8th century BC – 7th century AD) Carthaginian Roman Mauretania Mauretania Tingitana Exarchate of Africa Early Islamic(8th–10th century AD) Muslim co...

 

 

Seconde guerre sino-japonaise

Pour les articles homonymes, voir Guerres sino-japonaises. Guerre sino-japonaise Dans le sens des aiguilles d'une montre à partir du haut à gauche : force de débarquement de la marine impériale japonaise portant des masques à gaz lors de la bataille de Shanghai ; mitrailleuses japonaises Type 92 lors de l'opération Ichi-Go ; victimes du massacre de Nankin sur les rives de la rivière Qinhuai ; nid de mitrailleuses chinoises lors de la bataille de Wuhan ; avion ...

2017–18 Radivoj Korać Cup

2018 Triglav osiguranje1 Radivoj Korać CupSeason2017–18Duration15–18 February 2018Number of games7Number of teams8TV partner(s)Arena SportRegular seasonSeason MVP Nigel Williams-GossFinalsChampionsPartizan NIS  Runners-upCrvena zvezda mtsAwardsTop Scorer Nigel Williams-Goss← 2016–17 2018–19 → 1 Sponsored cup name, referring to Triglav Osiguranje a.d.o. The 2018 Triglav osiguranje Radivoj Korać Cup was the 16th season of the Serbian men's national basketball cup tournam...

 

 

To Drive the Cold Winter Away

1987 studio album by Loreena McKennittTo Drive the Cold Winter AwayStudio album by Loreena McKennittReleased1987GenreFolk · seasonal recordingLength44:29LabelQuinlan RoadProducerLoreena McKennittLoreena McKennitt chronology Elemental(1985) To Drive the Cold Winter Away(1987) Parallel Dreams(1989) Professional ratingsReview scoresSourceRatingAllmusic[1] To Drive the Cold Winter Away is Canadian musician Loreena McKennitt's second studio album, released in 1987. It pays homage ...