Comment by Spooky23
1 year ago
Wealthfront is a broker iirc, so you have some private insurance to protect you in the event of Wealthfront becoming insolvent.
The difference between them and some bullshit thing like Yotta is you are the customer of record for the account. The bullshit aspect of Wealthfront is they front real services with automated investment services. Yotta was pooling customer funds at some other bullshit fintech who was then putting those funds (or not) into one big account.
Personally, handling cash is an old business and I’m really conservative about who handles mine. Innovation is risk, especially when the money behind it is focused on eliminating accountability. Yotta should have been illegal. Keep accounting boring.
Wealthfront has multiple offerings. Wealthfront investment accounts are for stocks. Wealthfront Cash accounts are for cash. I was talking about Wealthfront Cash accounts, which don't have automated investment services, and I don't think involve a broker.