Wealthfront is a robo advisor that makes #investing easy. Wealthfront uses automation and computer algorithms to manage your investments and make tax efficient moves with your money. They offer features like tax loss harvesting which you don’t see on all rob advisors, a wide selection of ETFs and funds to invest in. They even allow you to customize your portfolio and soon #Wealthfront will be adding crypto so crypto fans can be sure to use dollar cost averaging when investing. The Wealthfront App is very smooth and has great features so you can manage your investments and #finances all from your hand.
00:00 – Start
00:24 – Why I Use Wealthfront
1:15 – Getting Started
4:17 – Wealthfront Portfolios
6:16 – Funds Used
6:41 – Tax Loss Harvesting
7:12 – More Money More Benefits
8:01 – Dividend Reinvestment
8:12 – Fees
9:50 – Wealthfront Mobile App
10:17 – Wealthfront Autopilot
10:57 – Financial Advisors
11:23 – Rebalancing
11:34 – Line Of Credit
12:38 – Final Thoughts
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11 comments
They use the Modern Portfolio Theory for their portfolios? But Dustin, the yolo portfolio theory has been known to outperform it!!!
I have betterment, do you have a review/ resources discussing betterment or no?
You have to consider your whole portfolio. Robos have many nuanced cons that need to be considered: Many people will be primarily investing tax advantaged accounts like a 401k or IRA. Robos can add complexity with maintaining proper asset allocation across the accounts. Tax loss harvesting has to be coordinated across 401k & robo account, or you may get a tax penalty if you have an auto-reinvest in your 401k within 30 days of a robo tax loss harvesting. There are also issues with lock-in & raising fees. If you ever change your mind, a direct indexing portfolio is nearly impossible for you to manage effectively. Most robo's have underperformed a simple three-fund portfolio over the past 10 years. These tradeoffs should be carefully weighed & analyzed.
Good advice…Thanks Waller!
I kindof prefer minimizing fees and taxes.
I feel like given that the robo advisor kindof chooses a bunch of vanguard ETFs, its not that hard to do the same thing by building out your own selection of diversified 7 or 8 vanguard low cost ETFs and then add money to those ETFs on a regular cadence… To rebalance, simply swap out which ETFs you put more or less money into… Those ETFs give you enough long term diversified growth which you can set and forget, set them to a DRIP. I set a regular monthly contribution from my BofA account into a Merrill account, those ETF wont be sold, so it feels like I wont need to manage them for taxes…
Then, for individual stocks, I just buy and sell stocks within extra money within my IRAs with a portion of my tax sheltered money that doesnt affect taxes if I want to my sell stock positions…
The benefits of BofA / Merrill's Preferred Rewards program is really valuable to me, I like seeing the benefit right away, like holding a number of cash rewards cards earning 5.25% cash back in most spending, and a premium rewards card earning 2.625% on everything else, depositing directly into that brokerage account with the vanguard portfolio as well, and although there may be a few other credit card setups I have that earn more in travel rewards, and I like playing the travel rewards game, to be honest, a cash back setup with BofA cards depositing directly into a bunch of vanguard ETFs probably earns alot more return that my travel points which are less liquid and only depreciate over time rather than grow…
Really thorough review. Very good. Take care and keep moving forward!
The tax loss harvesting was really interesting. I'd never really heard much of that before, and it seems fascinating. Really great walkthrough Dustin! 👍
Go Wealthfront! 😁
Hey Dustin, just watched your video on the aviator red card through American Airlines that was posted about a year ago. I’ve been on a lot of AAL flights lately and since it’s been about 2 years since I have gotten my last card I was considering a new card. This aviator red world elite MasterCard now has the 60,000 miles with only a single purchase and a delayed annual fee (I usually get a down line card before the annual fee hits to avoid it)
Looks like a no brainer right? I think I’m gonna apply for it. What are your thoughts
Thanks,
Tyler
Hi Dustin thx for transparency! The 0.25% fee plus expense fee on each funds w Wealthfront is too rich for my blood. I understand ur case given 1/2M in assets + time. Several diverse ETFs, which are more tax efficient w Vanguard, Schwab, or Fidelity works too.
Hey! I am also considering using Wealthfront as my main bank too. There are a few things holding me back though. They don’t reimburse ATM fees or anything like that. Yeah they have 19,000 ATMs but I wish they had some sort of feature to reimburse them. Another thing I’d like to see is round ups. I’m a huge fan of round ups with Acorns’s. It gives me incentive to use my debit card for small purchases and that can go a long way. Other than those two things I love Wealthfront and I hope to use them as my main bank and investing platform soon.