Product Code Database
Wealthfront Corporation is a financial services company based in Palo Alto, California, founded by Andy Rachleff and Dan Carroll in 2008. , Wealthfront had over $80 billion AUM across more than 1,000,000 accounts.
The company started 2013 with $97 million in assets under management and grew by 450% in one year. In 2013, Wealthfront introduced "direct indexing", a tax-loss harvesting platform that purchases the individual securities of an investment portfolio. Between January 2014 and October 2016, Adam Nash was Wealthfront's CEO. Founder Andy Rachleff retook the role in 2016.
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. Andy Rachleff is currently the executive chairman and chief executive officer. In January 2018, Wealthfront launched homeownership planning tool for Path. In January 2020, Wealthfront was listed in Business Insider's Top 10 Best Robo Advisors in 2020.
In January 2022, UBS agreed to acquire Wealthfront for $1.4 billion. The acquisition was mutually terminated in September 2022 with both companies not providing a reason. UBS announced that it would instead invest in a $69.7million note convertible into Wealthfront shares, valuing the latter at its acquisition price.
In June 2020, Wealthfront added checking features to this account including direct deposit, bill pay, and ATM access.
The cash account was originally available only to clients with an existing investment account. In August 2020, Wealthfront made the cash account generally available.
Wealthfront uses Green Dot Bank for its individual cash accounts' routing and account numbers, and for debit cards linked to individual cash accounts.
Wealthfront's investment account minimum is $500.
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