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At $20b, Wealthfront has roughly doubled it's AUM over the last eight months. In addition to brokerage, retirement, and college savings accounts, Wealthfront now offers a high-yield-savings cash account, which it says has earned clients $10m of interest in its first four months.
Millennials are growing increasingly comfortable with robots handling their cash. 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. Having navigated their teenage and early adult years alongside the dawn of the internet and smartphones, millennials appear less skeptical than other generations of using nonhuman advisers to invest their money. A survey by Global X ETFs, a New York-based provider of exchange-traded funds, found that one in five millennials with over $100,000 in investable assets said they were comfortable with using a robo-adviser, compared with 11% of Gen Xers and 3% of baby boomers.
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