Wealthfront Reviews
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About Wealthfront
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Wealthfront builds a personalized portfolio for each client, and then it lets its automated system take over, making trades and diversifying and rebalancing investments as the market moves. It also offers a tax-loss harvesting (TLH) program to boost after-tax returns, cash accounts for banking services and lines of credit for qualifying borrowers.
- Low 0.25% annual advisory fee
- 1.8% average TLH benefit
- Cash accounts are FDIC-insured
- Need $25,000+ invested to borrow
- No support for custodial accounts
Wealthfront Reviews
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Reviewed May 7, 2024
Been Trying for months for someone to get contact with me about my account. I have sent numerous emails to them with no answer. Please do not do business with these people. For they cannot be trusted.
Reviewed June 8, 2023
They take 8% off your returns when it can be 16% instead of 8%. Using the same stocks. They're stealing money and preying on victims. I suggest going with Vanguard instead. You will get what your portfolios worth.
Reviewed Oct. 22, 2021
Signing up & setting up my bank info was super easy. The min to start an account is only $500, which is a very affordable way to begin an investment account. If you want to deposit & then be hands off, this account is perfect. It does say in the informational materials, tho, that you can choose your own stocks. I signed up with some specific stocks in mind. I have been on the site a couple of times trying to figure out how to customize my account but have not been able to figure it out. If the information is there, it is buried. For that reason, I'm giving it 4 stars instead of 5.
Reviewed Aug. 17, 2021
I have had a problem with sending a check in July. The check was suppose to be delivered on July 29, but I never received it (today's date: 8/17/21). I contacted Wealthfront in the first few days in August for them to be aware of the issue in order to reach a resolution. I've been speaking to a Wealthfront employee (through email) about the issue for the last three weeks and was constantly told that there is no update regarding my issue. I have always been the one reaching out to Wealthfront. At no time did Wealthfront voluntarily reach out to me. I feel that I have been 'reminding' Wealthfront to give me updates through email but I never received any updates without asking.
In order to gain another update to ensure something was being done, I've called two times in the three weeks all with the responses "there's nothing to be done now" and "there isn't any updates." I understand that it takes around 10 business days to have the funds returned to me, but it has been greater than 10, with no update by Wealthfront. I asked to speak to a manager but they said to email. Wealthfront does not necessarily handle customer service over the phone (this has major negative aspects alone, as you cannot speak to a manager over the phone if the representative can't handle the issue himself).
I need Wealthfront to communicate a plan of action and email updates to me as to how this issue is being handled. To benefit the customer, Wealthfront needs to have far better customer service. In my perspective, I can only assume nothing is being done as evidenced by having "no updates" for the past three weeks. I want Wealthfront to handle the situation and resolve the check issue and return the money ($$$) that was withdrawn from my account. It is not enough to tell a customer there is "no update" for three weeks. I never leave reviews because I'm not that type of individual but, In all due respect, I love everything else about the company and its product. However, this is a major issue for which I might consider a different company to handle my hard-earned money.
Reviewed Dec. 24, 2020
I was a customer for a little over a year and for the most part the experience was neither great nor terrible, until today. I received a slew of emails saying thanks for scheduling a transfer and when I went to look as I did not schedule them found my account was locked. I emailed support, because they never answer the phone, and received a response that they have decided to terminate my account because I was “abusive” in a communication with them and threatened legal action because they wouldn’t release my funds in a previous request.
Danny, I guess the only person who works there, stated they had sent my funds back to an account at another financial institution, the one I left to move to Wealthfront, which has been closed for over three months. No notice, no options and just a generic response stating that I should reference their terms of service. All of this on Christmas Eve and while I’ve been battling against identity theft for the last 6 months! Fair warning, read the fine print and don’t expect any type of customer service or support.
Reviewed Oct. 21, 2020
I noticed another customer who had a horrible experience with Wealthfront (Iori **) and wanted to share my own experiences with the bank, and particularly Iori. To provide a background, I had a cash only (savings account) with Wealthfront since 2019. At one point in time, when the interest rate was high, I parked my "down payment" money into the account, and over time, I have moved some of the money outside for investment opportunities. I had no issues in the past doing so. However, some 2 weeks ago, I transferred in some cash into the account and tried to transfer half of it out a week after to buy some stocks. Wealthfront kept scheduling this and cancelling my request for no reason (the bank account I was transferring from/to) were both previously used accounts.
I called the customer service, and I have countable number of times in my life received such a horrible customer service. I asked the banker/rep for the reason my transfer was being denied, and they would not answer. I asked them when I can access my money (it's savings account FDIC insured), and they had no answer. They said it was being done for security reasons. I asked them to verify my identity and schedule a transfer. At this point, I was pretty sure that Wealthfront did something with my money, and the bank was down. In a panic mode, I asked the lady if I could also record her stating that the bank is unwilling to transfer my money. She hung up the phone (expected that). Spoke to another customer service rep, and he did not have an answer. He did however ask me to convert my savings into cash (checking) and that would make the process easier. I did so, and it got approved.
Later that day, I received an email from Iori and he told me that the bank has terminated my agreement and will be transferring my funds into the bank it came from, and not to call the bank anymore (it was evening). Having told several people at Wealthfront that I had closed my other bank (and was trying to consolidate my finances), Iori kept on trying to transfer the funds into a closed account and told me to contact the other bank. When the email was sent, it was late in the evening, and I asked Iori not to initiate the transfer, and that I had cancelled the transfer. He then goes and blocks my online access, and told me not to call the bank. Exact words were "We see that you called in this morning as well. As mentioned previously, do not attempt to call us again. Doing so will result in an immediate end of the call".
A bank, that has my money (1 year worth of saved salary to be precise), wants to transfer my funds into an account that I told them is closed, and have repeatedly asked me not to. I am soon in the process of filing an official complaint with anyone I can, including with Consumer Financial Protection Bureau (CFPB) and Security and Exchange Commission (SEC). I see that several of you had similar experiences as mine, and I will be happy to collaborate. The name of the customer service rep is Iori Omura, and seems to have CFP Board (CFP) certification, FINRA Series 7, 63, 65, and 24 certificates, and I will be filing a complaint about his "manhandling of my finances" and not giving access to my own funds. If he had no trouble breaking the law, I can only imagine the kind of access (identity) he has about his customers, and what his ethics are.
Reviewed June 11, 2020
I tried downloading my 1099 onto my iPad. I was previously able to open it sporadically, but now I get an error message every time. They say I have to download it onto a desktop or laptop. That has not been the case in the previous three years, nor does it explain why I was able to sporadically download it this year. They say they “can’t” mail it because the agreement specifies that they won’t mail it. It seems they should get with the 21st century and make it downloadable on an iPad if they won’t mail it.
I spoke on the phone with a very courteous woman. She maintained that they can’t mail it, but when I pointed out that they have an obligation to fulfill their end of the agreement, she said that she would reach out to another department to see what they could do. After reading other complaints, I am not hopeful. If they can’t resolve this, I have no faith in them and will withdraw my money. If I get the same problems getting my money as others have, they’ll be sued and need to pay my legal fees.
Reviewed March 18, 2020
I will file a complaint about WealthFront’s business practices at Consumer Financial Protection Bureau (CFPB) and Security and Exchange Commission (SEC). I talked with CFPB today; they told me that if more people file a complaint, they would make a case out of it, and can force the company act. Below please find my story: I opened a Wealthfront account about e years ago, and until last Friday I have not tried to withdraw money. Since they invest with ETFs, I always thought that I would be able to withdraw my money anytime I like. That was a big mistake.
I initiated a liquidation, and a risk score reduction order on Friday March 16, 2020 before the market close since it was a day when markets finally increased. I called them to confirm, and they told me that they executed neither. Then I asked them to cancel the orders (because I thought Monday would not be favorable). They said they cannot do it, the orders would go on Monday. How come they cannot stop an internal order? On Monday (the worst day in financial history since October 19, 1987), they liquidated my portfolio at super depressed prices. I checked each individual transaction: They sold everything almost at the bottom intraday. About 90% of the time during March 16, the security prices were above their sale price. How can this be? What determines their liquidation algorithm?
I ask about these on several emails since March 16; they never answered me. I called them about my emails, they never answered me properly: they never gave me details when and how my portfolio would be liquidated, what determines the timing and amount etc. They were indifferent to hostile in general. They kept saying "send us an email" as if anyone answers those emails. In my latest call today, they simply hang up on my face.
Since Friday I am trying to get my money back. They do not say when they will return my savings. Nothing is certain at that company, everything is “it depends, ago decides that etc…” Since then I warned all my friends who have accounts with Wealthfront, and all started to liquidate. My worry right now is whether they actually have the money to pay us, or they are just a nice User Interface that shows financial graphs. I will write here again if I am able get the money back.
Reviewed Feb. 24, 2020
I made the horrible mistake, the worst financial decision of my life transferring money to Wealthfront. No one works there, seriously. There's one help line that is manned by snarky women who act put out that you've called for help. They keep telling you ways to do it online even when you try to tell them you've tried--for MONTHS! They're dismissive and try to get you off the phone. Worst of all when I tried to move some of my money to my bank they said they didn't believe it was me and I had to call them. When I called they asked me questions to verify who I was that had NOTHING to do with me! Therefore I couldn't verify who I was to them and they won't give me my money. Seriously! I'm still trying to get not just a portion of my money from them but ALL of it at this point. I'm stunned that they have my money and won't give me access to it! I'm rattled and spooked by it. Still trying to get my money from them.
Reviewed Dec. 29, 2019
We're closing our Wealthfront accounts after a horrible experience with "iori" from Wealthfront Client Services. Iori was dismissive and patronizing to my wife, and flatly refused to assist with a minor request. It was disconcerting. I read the email exchange and thought we'd better get our money out before we ever need them for anything important. Definitely not a company you can count on to be decent. Not worth it considering their investment products are just average.
Reviewed Sept. 23, 2019
I put a significantly large amount of money into the Platinum Money Market Account, hoping to take advantage of the highest interest rates possible in the market. 2.57% was soon reduced to 2.32% after the Fed lowered their rates .25%. Two months later, the Fed lowered interest rates again by .25%, and within minutes, Wealthfront Platinum Money Market Account is 2.07%. As of this writing today, Vanguard is 2.11%, Citi Accelerate Account is 2.21% and BOM Harris Bank is 2.32%, which may still be reduced in the days ahead.
My point is this- Wealthfront was paying nearly the highest rates in the industry, and a couple of months later, they are paying some of the lowest rates in this market. Save me the discussion of the Fed reducing their rates, yada, yada, yada. If you are going to lead, you better LEAD. If not, you look a lot like a bait and switch company, which leaves a bad taste in the customer's mouth.
Final thought: Be wary of your ability to take money out of Wealthfront. They limit you to $250K per day, so if you have a large deposit of cash in that account, it may take you weeks to remove it. I never really understood WHY they have this restriction, unless it is to make it very hard for customers to remove their money. They accepted my incoming wire transfer for millions with no problem, yet upon removal, they want to limit you to a small amount. Buyer beware!
Reviewed Aug. 9, 2019
My investments did reasonably well, and the money market cash account is one of the best available at this point. However, the customer service isn't the greatest. I'm trying to move my investment portfolio into a charitable gift annuity. Unfortunately, Wealthfront doesn't make this easy, as they don't do any third-party transfers. It's their business prerogative, of course, but these are the kinds of things one runs into when investing with a totally online automated investment firm. Customer service simply keeps repeating that I have to read their "Can I transfer the securities in my account to another firm?" link. I have done that, and I understand what it says, but they seem totally unwilling to give me any more help than that. What it amounts to is this: When you invest with a firm like Wealthfront, chance are you're pretty much on your own. Also, you get what you pay for, so I guess I shouldn't complain.
Reviewed April 13, 2019
I was looking for a good overall investment strategy that would be hands-off, and low-fee. I was considering just going with some index funds in a normal brokerage account when I learned about the world of robo-advisers like Wealthfront. After researching the options as of fall 2018, I selected two, including Betterment and Wealthfront as the current best options and industry leaders. I opened a cash account with each and invested a bit to see how this would work.
First of all, it is clear that this is a new industry and there are things about both companies that need improvement long-term. Eventually I expect more options and features from all of these companies, and even some of the details about opening an account I believe will change in the future. For example, I thought Betterment sent way too many emails, and figured there was an option to reduce it to just direct account information like trades, occasional summaries, etc., but even after contacting customer service, there was no option for that.
That said, what both firms had in place was good on the core business of holding an account, letting you choose the risk profile that will be used for the investment distribution, the actual trades and updates. The overall fees and strategy are similar, and I think both are good picks. That being said, after 6 months I made a call and chose Wealthfront from between the two. I just got a little better feeling about them, their strategy, and the extra automated benefits (tax loss and risk strategies).
I'm moving all my taxable and IRA accounts to Wealthfront, including for my wife, and had no issues getting those setup and initial transfers. I was wondering if it was possible to transfer directly from our taxable Wealthfront joint account to one of the IRAs, and called customer service. They were available and able to answer my question, but unfortunately right now direct transfers between accounts are not possible, though they said they are working on this feature (and the website also says that).
In addition, my daughter is transferring an IRA from another company - she had some difficulty due to a problem with the other company and Wealthfront customer service helped as much as they could. Ultimately she had to transfer the funds back and fix the issue at the source, but I believe Wealthfront customer service did everything they were able to do within the regulations. She is about to complete the transfer now.
I do have an MBA and prior investment job experience, and looked into some of the white papers that Wealthfront has put out explaining their risk strategy and tax harvesting. I am impressed with their approach and do believe I am making a higher return at the same or lower risk due to their automated strategy, that just wouldn't be available without a $500,000 account or more at a traditional wealth management advisor that would apply these kinds of strategies manually, and with higher fees.
One example of a strategy they use is that they will put investments that generate a lot of income into your tax-sheltered accounts, while putting more long-term investments into your taxable account. This means you can have better investment diversity without generating as many taxes. They also did a good job of locking in some short-term losses when the market dropped in December, so I was able to report losses last year, even though the market has already recovered. This not only allowed a small reduction in taxes this year, but means having a much better chance of these gains turning into long-term gains and it being a lot longer before they need to be reported. Granted I'm trading losses now for bigger gains later, but that means more money available to invest over that time - similar to why tax-advantaged retirement accounts are worth it.
In addition, if you link other outside investment accounts they will look at what is invested and use that to adjust the mix in your Wealthfront accounts, if needed. They also have a retirement estimator that is reasonable. It really doesn't have enough factors accounted for at the moment (i.e. you don't enter future expected retirement income streams, etc.), but it's a good basic tool. They just came out with a cash account option that has a good interest rate (2.24% at the moment), which I just opened and will use for short-term savings for specific purposes. In their FAQ on it they list a number of features that they will slowly be rolling out over time for it (debit card, bill pay, direct deposit, etc. ), so I'm encouraged that they are rolling out new services and looking for ways to improve overall.
So - overall I'm very satisfied. I feel they have a perfect "set it and forget it" strategy that you can use to just keep investing small amounts over time and not need to worry about managing things. I believe they pay for their fees with the automated strategies they use and the risk reduction of making sure your mix of investments is diverse - way more diverse than just investing in an S&P 500 index fund. On the downside, I do feel they try to funnel you into a lower risk strategy that is prudent for retirement savings - just putting in generic answers for my wife's account, they came up with a 7.5 risk factor when this is money that is long-term for retirement and will not be needed for 30-40 years. Thankfully, you are able to override that manually. I think there is room for improvement in extra features and smoothing out some website functions over time, but on the core functions needed for a robo-adviser, I'm all in - literally.
Reviewed Oct. 22, 2018
I've had my account for about 6 months, in just the first couple of days my account started losing money. After 6 months I was down close to $4000, while the markets were reaching all-time highs. At not one point in the 6 months was my account ever positive. I'm hoping it will recover so I can close my account and get my money back. You could practically buy anything during this timeframe and make money. Stay away from this service, if they can't turn a profit during the crazy bullish market we've been in, what are they actually doing?!
Reviewed Aug. 24, 2018
During business hours I repeatedly get a "sorry we are busy and can't answer your call" recording. When I do get through, I am told go to the website even though the transfers I am attempting to do cannot be accommodated through their website. If they want to be taken seriously, then they need to answer the phone and listen to what customers are trying to do so they can help them instead of brushing them off. If they blow me off when I am trying to transfer and consolidate other accounts into my Wealthfront account for them to manage, that is a customer service problem.
Reviewed July 24, 2018
I unfortunately had an investment account with Wealthfront for 16 months and ultimately transferred everything out because of their political promotions. Wealthfront promotes and financially supports leftist politics including their main charity that seeks to create a "more evenly distributed workforce" regardless of an individual's qualifications or performance. No one thinks the NBA should seek or be required to have a "more even distribution, or match the population percentages of race and gender groups" among its players. I emailed customer service and questioned their multiple promotions of leftist politics, and customer support didn't respond because I think they're cowards that want to look good. Please do not fund Wealthfront and their leftist ideologies that harm our world.
Reviewed March 9, 2018
First and foremost I want to say that out of all of my accounts Wealthfront has performed the worst. Even with an up market this account is in the negative when all other accounts are in the green. My main problem with this company is that I transferred my retirement Roth IRA over to a Wealthfront Roth IRA. Or so I thought. When I tried to transfer the funds over to my other brokerage due to Wealthfront's poor performance I was informed that Wealthfront had opened my account as a Traditional IRA.
When I confronted them about the situation I was told they do not have a department to handle this and I could email their cashier group. I told them I needed to speak to someone but once again was not given that option. After many frustrating emails I realized they were not going to help me get the account fixed. I now see I made a HUGE and expensive mistake going with Wealthfront. Please beware of this company and look into other investment avenues for your hard earned money.
Reviewed Nov. 23, 2016
They are there and ready to help anytime. They answer all questions fast and don't make you feel like you don't know what you're doing. If there is a investment you want they already are informed. No need to go look things up. All consultants are very knowledgeable. You can spread your assets across multiple areas and they still have all understanding. It's like they do their homework ahead of time so not to waste your time. Very interesting approach to doing business. I like the modern way they do it. Fees are listed upfront not hidden so when your transaction is done you don't get a list of ten new fees you weren't aware of before. They're very transparent about this. Is one reason to do business with them They're upfront. No lies. The automated system is by far the easiest one there is even if you have no experience you can navigate real easy. It's a step by step lesson that even a novice can work. Was designed to be user friendly.
Reviewed Aug. 25, 2016
The service is pretty accurate and I received pretty much what I expected from this company. I would highly recommend it to family and friends who are looking for investments. They are very helpful. They help me understand what I am getting myself into financially and are there to help answer any questions that I have about their services. The additional fees really aren't that big of a deal for the service that I received from them. They are worth paying more for and I would expect to pay more for better services. Very easy to use with the help that I received. Before them, I had no idea what I was doing. Now I am better at what I am doing.
Reviewed Aug. 20, 2016
They were very nice and patient with me. I enjoyed talking to them, very delightful. They made it known to me that they would do whatever they could to help me through it. I was pleased with what I was seeing and it was cool. I enjoyed it very much. They were moderately priced and covered everything they should've. I wasn't upset about the additional fees at all. It was very easy to use... I knew what was going on and I wasn't confused... Everything was set in steps so I could easily maneuver around.
Reviewed Aug. 18, 2016
Whenever I have questions that need to be answered on the phone I always receive high quality service. They are very nice and polite. They have always been able to answer all of my questions in a timely manners. The customization options are quite nice. I am able to choose just the services that I need without any extra stuff I don't. I feel like I get a personalized high quality service. The fees are very low considering the type of service that they provide. Compared to other providers they are quite competitive. I have always been very happy with all of the costs associated with my account. The service is very intuitive and easy to use. Everything works just the way you would want it to. I have encountered no major difficulties and find it to be a very pleasant service to use.
Reviewed Aug. 14, 2016
They are there and ready to help anytime. They answer all questions fast and don't make you feel like you don't know what you're doing. If there is a investment you want they already are informed, no need to go look things up, all consultants are very knowledgeable. You can spread your assets across multiple areas and they still have all understanding, it's like they do their homework ahead of time so not to waste your time - very interesting approach to doing business. I like the modern way they do it. Fees are listed upfront not hidden so when your transaction is done you don't get a list of ten new fees you weren't aware of before. They're very transparent about this is one reason to do business with them, they're upfront - no lies. The automated system is by far the easiest one there is even if you have no experience you can navigate real easy. It's a step by step lesson that even a novice can work, was designed to be user friendly.
Reviewed Aug. 9, 2016
Customer service was great and they really took the time to explain things out for me whenever I needed help. Whenever I call and have a problem they will always be nice and courteous. The customization is unlike any other I have seen in the business. You can customize your messages and whatnot to fit your needs. They are some of the best in the business. They describe the additional fees that they tack on. There is really no guess work on what you are and aren't paying. It's pretty cut and dry on what you pay each night. It's pretty easy to use the program and whatnot. You can use the program everyday and cater it to your needs. It's a great program and its definitely one of the best.
Reviewed Aug. 8, 2016
Had lots of the things I like and made me feel good about the whole thing. Made me realize I made a good call, a good decision so I ended up really happy so I’m glad I made that decision. They had a lot of different plans I could use which all suited me well and I was happy about the whole entire deal. I couldn’t enjoy myself more in any way so it was very beneficial and ideal. They did the things I was looking for them to do and how I liked them to be done and in the amount of time I’d like things to be done. Nothing bad about it whatsoever. It had everything I needed to use and made things so much easier for me and there was lots of assistance in case I needed it which I like and value from a company.
Reviewed Aug. 5, 2016
On most occasions the customer service was adequate, but nothing in particular was done to go above and beyond what one would consider as exceptional service. Customization was pretty good overall. Their recommendations were good and the advice I received was pretty much adequate or on par to what I expected from their company. Some of their fees seemed fairly high considering what was being asked of them. They should look into the standard charge for such items and see if they are charging adequate prices. Their system as a whole was pretty easy to use and never remember any problems or issues that occurred at any given point in time.
Reviewed Aug. 3, 2016
The service was very fast. The workers were very kind and apologized if they were at least a few minutes late. I was impressed. I was in, then I was out! Great experience. It was very well customized to my needs and I bet to the needs of others as well. I would recommend this to my friends and family. There were not many additional fees. The price was well suited for my wallet and I was very impressed in the lack of fees that would not benefit me. I only payed for what I needed. It was also very easy to use. I love this company as well as the product they give to me. I believe my family and friends would be satisfied with how easy it is as well.
Wealthfront Company Information
- Company Name:
- Wealthfront
- Year Founded:
- 2011
- Address:
- 203 Forest Ave.
- City:
- Palo Alto
- State/Province:
- CA
- Postal Code:
- 94301
- Country:
- United States
- Website:
- www.wealthfront.com