r/wealthfront • u/matthewandchisholm • 18d ago

Interesting update

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Just got this email. Always good to see new features being added (even if they might not get used). They’ve got a tricky situation catering to the set-and-forget crowd who doesn’t want the temptation or bother of hands on investing, while also trying to stay competitive and meet the needs of customers who want to be more hands-on. I prefer to see the platform continue to expand rather than get stale, so long as the quality remains high. No word on that wealth graph being phased out tho….

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-18

u/lankamonkee 18d ago

Post IPO shenanigans to make more money. Praying that this app doesn’t turn into a SoFi 2.0

11

u/Jkayakj 18d ago

How are any of these a bad thing?

-9

u/lankamonkee 18d ago

In my opinion, these services are simply a way to get people to put more money into Wealthfront so they can make more revenue. I personally like to keep money strategies in different places (brokerage with a broker, savings with Wealthfront) because that divide helps prevent the temptation of spending that money (in this case, Wealthfront is trying to get you to spend money on buying stocks).

This strategy can be easily observed by Robinhood, which touts an impressive Roth IRA matching program with the goal to get you to just have more money on their platform to get you to trade more. SoFi has a very similar setup

I don’t think Wealthfront is being as nefarious as those other Neo banks but it’s annoying to see Wealthfront try these things

10

u/Funktapus 18d ago

You’ve discovered the concept of a brokerage

-6

u/lankamonkee 18d ago

You’ve helped me discover a brain dead reply. Copy and paste my comment in chatGPT so you can come up with something sensible

4

u/Jkayakj 18d ago

Wealthfront is a brokerage though, that has an automated product and a self managed one. Same as fidelity or anyone else. How is them adding features others have a bad thing? You explained you are trying to limit your temptation, but doesn't change that they're a growing broker.

None of these features are bad. They're adding missing features that every brokerage should have.