Nowadays everything around us is becoming automated which makes services easier to get, lowers their prices and reduces the risks. Robo-advisors are a new thing in today`s investment market, but it has quickly become popular and wealthfront is one of these new Robo-advisors but is Wealthfront a scam that you should worry about? Let’s find out! )
Robo-advisors have been popping up all over the world recently, however, the biggest share on the market belongs to Wealthfront company. Basically, Wealthfront company gives consults its customers on the same things as before – when and where and how much it`s better to invest, but does it in a modern way – by using the automated system which helps decrease the price of the services and the risks.
So let`s see how it works and how safe it is to put a machine in charge of your money.
Product Name: Wealthfront
Official Website: https://www.wealthfront.com
Owner: Andy Rachleff
Type: Automated investment and financial service
Cost to Join: 0.25% on all assets
Overall Rating: 7.5 out of 10
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Intro – What is Wealthfront Exactly?
For now Wealthfront is the largest company offering automated investment consulting. Their software which gets updated and improved all the time, is based on a profound research in the field of investment and combines multiple techniques.
It will takes days of research and planning for a traditional investment advisor to prepare an investment plan for a customer. What`s more, there will always be a chance of human mistake and there will always be risk of losing money. Finally, the services of traditional financial managers are quite pricey.
Robo-advisors, on the other hand, can offer you the same research done in a few hours. This new technology significantly reduces the cost of the service as well as the chance of a mistake.
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How Wealthfront Works?
I’ve reviewed many digital products in the past that all provided a kind of money making opportunity like Valentus, My Optimized Success Plan or even Vasayo but Wealthfront is different from all my previous reviews.
Wealthfront does all needed planning for their investing customers. The only thing customers need to do is set up an account and answer a few questions, and Wealthfront takes over from there on.
Wealthfront has designed several models and the only thing they have to do is apply one of them to their customer`s account. The models are designed specifically for various types of accounts and investment.
Apart from designing an appropriate investing strategy, Wealthfront offers multiple services on various stages of investment. Wealthfront will help you to make the best use of the interest you are getting from your investment as well as find the best choices for new deposits.
And again, I have to remind you that the services Wealthfront are offering are no different from what traditional financial firms are offering, but as the process is automated, it saves you lots of time and money.
Does It Fit Your Needs?
Wealthfront is appropriate for various types of accounts and investment. Wealthfront is the best choice for those looking for hustle-free investment, those who want to get everything taken care of.
Also, Welthfront would be a good choice for taxable investment accounts. Moreover, Wealthfront has designed a special investment plan for saving on your child`s college.
Even if you haven`t set up an account at Wealthfront, you can still use some of its financial tools totally for free.
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Positive & Negative Points of Wealthfront
- I would prefer to have a cash account instead of a the account Wealthfront offers because the amount of money that it can give to me can be used for sudden cash needs and this is what Wealthfront can provide to you.
- You don’t need to pay any fee to manage your account and there’s only a cost of $100 to get started with Wealthfront.
- Your taxable account can be improved through tax-loss harvesting offered by Wealthfront.
- There are some unexpected expenses for customers who prefer to keep their current investment and get the loans at the same time.
- I liked the stock selling plan offered by the company. It has a great potential and there’s high profit can be made from offered niche.
- I don’t understand why energy fund labeled as natural-resources because this can be made a misconception for new customers. Also it’s not clear why Wealthfront decided to choose XLE when there are several other funds that can be above it.
- There are asset classes that can be used on a long-term basis on investment markets and there are some small cap that value ETFs in Wealthfront.
How Much Does It Cost You?
When Wealthfront just started, the minimum investment customers had to make was $5,000. However, recently they have made their services more affordable and reduced it to only $500.
What Is The Real Fee of Wealthfront?
First, I want to point out that the fee you will be paying for Wealthfront robo-advisor is much lower than you would have paid to a traditional financial firm. Now, let`s get to the actual figures.
The good news is that if you are investing not more than $10,000, Wealthfront is going to do all the work for you for free. It means that you won`t have to pay any fees for the investment plan, money transfer and managing your account.
Moreover, if you use an affiliate link to sign up, most likely you will have an opportunity to invest even a bigger sum for free.
Now, if the sum of money you are planning to invest is higher than that, you will have to pay an annual fee of 0.25%, but not on the whole sum of money, but only the part which exceeds $10,000.
What I Liked in Wealthfront
- It Balances Your Portfolio Automatically
The opportunity to invest in several sectors provided by Wealthfront allows to keep balance among your assets. Every day Wealthfront robo-advisor analyzes your investment assets and keeps balance among your assent in different segments. This way Wealthfront guarantees the highest possible income to its customers.
- Professional Suggestions For Setting Up Your Portfolio
After setting up an account, you will be offered to answer a number of questions concerning your life and work circumstances as well as the risk you can stand in investment.
As soon as you are finished with the questions, Wealthfront robo-advisor will design a plan offering investment in various sectors, such as real estate or stocks. You can change the information you have provided only once a month, however, Wealthfront suggests sticking to the plan which they offer for a longer period of time.
- Harvesting All Tax-Loss Info
Beside tax-loss harvesting which is automatically done every day, Wealthfront also offers tax-loss harvesting on the stock level. In short, it means that Wealthfront invests in individual stocks which guarantees a significant rise in customers` income in the end – almost 2% annually.
- Harvesting Tax Info Automatically
Once a year you are allowed to do tax-loss harvesting which will allow you to reduce the annual tax on your income (the highest cut-off though is something around $3,000). Most investment advisors have to review all accounts in the end of the year to find what assets doesn`t bring enough income and which of them you can lose. It is a lot of work and time to do it all. Wealthfront, on the other hand, offers this kind of service done much quicker and more efficient.
Can You Make Profit From Wealthfront?
If you want to save yourself stress and time from managing your own investments and in the same time the amount of money you want to invest are not worth the high fees traditional investment firms require, Wealthfront will be a great choice for you.
No matter whether you are investing $500 or $50,000, you will get a quick investment plan in no time and at a reasonable price. Moreover, Wealthfront can guarantee you the best investment options which will help you get the best out of the money you have.
If you want to stay in control of what is going on with your money, Wealthfront offers several financial tools which help you manage your investments using the advice of Wealthfront digital advisor.
Final Word – Is Wealthfront a Scam?
Unlike companies like Square Cash, Wealthfront gives you a real way for making profit through online investment. Although Wealthfront is a system based on robo-advisor but there’s nothing wrong with its legitimacy. I mark this investment company as a legit opportunity and I see it as a safe option for your next investment.
Maybe Wealthfront is not the only investment company but the minimum fee and financial flexibility offered by this company make it a suitable investment choice for many new investors who have not much experience in this field.
Making a safe investment is not the only feature offered to you by Wealthfront; you also have an option for making money through referral program available in the Wealthfront. This referral program makes you able to pay less and invest more money on the company at the same time.
There are good and bad things about investment companies that work based on robo-advisors that I’ve mentioned above in the article so if you read all of them and are willing to accept the risk of investment on non-human platforms then Wealthfront is definitely something you should give it a shot.
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I am always interested in diverse investments. The time it takes to do all of the research and pick the investments that you hope will good is staggering. This is the first time I have learned about a product that could do all the work for me.
Wealthfront may be the perfect solution for me.
Thanks for your comment James )
Thanks for all this great info! I had no idea Wealthfront existed or that there was an online investment opportunity for people who don’t have thousands of dollars to invest. It’s great to know you can invest as little as $500! You did a great job explaining all of the benefits and presenting the pros and cons. It really helped me understand how it all works and how to get started. I really like the rest of your site and your content. Thanks again for a great post!
You’re welcome Michaela )
Hi, this is very educational for me, I did not know there was an automated system for investing money, this is good for people who are on the go and do not want to spend the time talking to a stockbroker.
My concern is I will not have a choice in the matter of what stock I like, or what risk I am willing to take, an example would be when I was getting my 401k it was suggested to me because of my age I should not invest in stocks that were considered a risk. Is there any provision for this with this system, or is this taken into consideration when filling out the application to be an investor with this company?
Thanks for your comment Ruthlyn, yes the risk involved in the program and it should be taken into consideration by you while filling out the form.
Thank you for such a deep analysis on Wealthfront. It’s good to know that with this company you can start investing with as little as $500. Not everyone has around $5,000 to start investing, so for people that don’t have too much money this can be a great option. Also, it’s good to know that it’s free if your investment is under $10,000. Even the fee of .25% on anything over $10,000 is a really great deal. Many people don’t realize how important it’s to see what the fee for managing an account is going to be. You have to think long term. For example, if a company charges 2.5% on fees, people may think that this is not a a big deal, however, over a long period of time, this could mean thousands of dollars that you just gave away for free. This money could have been spent on doing other investments or giving it to charity. Thanks for taking the time to share this information with use. Have a great day 🙂
Thanks for your comment Carmen )
Thank you for this article!
It was definitely on point – I was interested in Wealthfront but also was very cautious due to the bad experience with online scams – it is so hard to find a trusted company nowadays!
Most people only think about short-term profit and hurt people instead of helping them.
That is really sad…
Nevertheless, I glad to see that this is not another scam and a real way to make money online. And I glad that I stumbled across your site – it is very helpful and I absolutely adore your desire to help others after your own success.
I wish you best luck in your good cause!
Thank you again, and have a nice day!
You are welcome Vitaliy )
Thank you so much for this post. I came here because I was looking to invest , and I was not sure if it was a scam, and I did not want a computer handling my money. Your great and thorough information on this topic was the most detailed I have come across. Now I can go ahead and sign up! I love the free tools they have as well, very helpful. I just wanted you to know that this site is amazing and I will be sure to share it with everyone I know!! It is reviews like this that we need more of! Thanks!
You are welcome Karil )