Today, Wealthfront announced a major milestone as it hit $2 Billion in assets under management. In the grand scheme of things, this is just a drop in the bucket, but they are now ranked in the top 100 of all independent registered investment advisory firms in the United States based on assets under management.
Further, they proclaim to have become the first automated investment service to hit this milestone (Although Vanguard Personal Advisor Services has $4.2B under management as of the third quarter). Regardless, the most impressive feat is the parabolic growth we are beginning to see. It took nearly 2.5 years to hit their first billion but less than nine months to add the second billion. We are at the cusp of something exciting. Low-cost financial guidance is finally here for everyone. This is a monumental achievement that should be celebrated as a win for all investors. Even if not the right fit for every investor, it adds a level of competition to the marketplace that has otherwise been stagnant over the past several decades. Check out the blog post discussing the achievement from CEO Adam Nash here. |
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