Wealthfront, an online investing platform, now holds $20 billion in client assets, according to a tweet from Daniel Carroll, Wealthfront's founder and chief strategy officer. That's nearly double the amount of money the robo-adviser managed at the start of 2019, he said. Wondering what the revenues are as likely low Bps AuM.
The robo-adviser Wealthfront now manages $20 billion in client assets, nearly doubling the amount it held eight months ago. Wealthfront offers several types of investment accounts, including IRAs for retirement, 529 plans for college savings, and taxable brokerage accounts. Wealthfront debuted its Cash Account, a high-yield-savings-like product, earlier this year, which it says earned clients a collective total of $10 million in interest in the first four months. Millennials are drawn to robo-advisers like Wealthfront for ease of use and low costs. Currently, Business Insider readers who sign up for a Wealthfront investment account will receive their first $5,000 managed free in that account in perpetuity. Millennials are growing increasingly comfortable with robots handling their cash.