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The US-based digital wealth manager, which debuted its online financial advisor in 2011, now holds $20 billion in assets under management (AUM), according to Business Insider.
This is nearly double the amount the company was holding at the beginning of the year. Wealthfront offers users access to a variety of investment options, including Traditional IRA, Roth IRA, SEP IRA, and 401(k) Rollover. It allows users to select what they want to save money for, such as retirement, travel, or homeownership, and also offers advice on savings targets and investment strategies.
Here’s what it means: Interest in robo-advisors will likely increase over time, and Wealthfront’s aim to add more financial services will help it further boost its AUM.
Nearly 60% of US consumers expect to use a robo-advisor by 2025, according to research from Charles Schwab. Additionally, 60% of current robo-advisor users are millennials, who are expected to have $20 trillion of assets globally by 2030, per CB Insights. As that wealth grows, …read more
Source:: Businessinsider – Finance