Wealthfront, one of the largest independent robo-advisers in the U.S. market, has added support for Coinbase accounts. The Wealthfront team explained that high customer demand was the reason for incorporating the new feature, stating: “We’re especially excited because this has been one of our clients’ most requested features.”
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Wealthfront Adds Coinbase Support
Wealthfront Advisers LLC (formerly known as Wealthfront Inc.) is a Redwood City, California-based robo-adviser providing automated, software-based portfolio management services, which was established in 2008. The company has recently announced that its users can now track holdings of cryptocurrency for the first time by connecting their accounts with the Coinbase exchange to the automated investment service.
“You have always been able to connect a wide variety of account types and asset classes to our Path advice engine — from bank and brokerage accounts to real estate, mortgages, and student loans. But we know many of you like to dabble in other innovative financial products, like cryptocurrencies. So now, we make it possible for you to add information about your cryptocurrency holdings in your Coinbase account to Wealthfront to get a more holistic view of your financial picture. And even more importantly, we factor that information into your free financial plan,” the Wealthfront team stated.
Over $11 Billion in Managed Assets
The Wealthfront robo-adviser has over $11 billion in client assets under management, according to the U.S. Securities and Exchange Commission (SEC), making it one of the largest independent robo-advisers in the U.S. market. The company has reportedly raised a total funding of $65.5 million since its creation, from backers such as Benchmark Capital, DAG Ventures, Index Ventures, Ribbit Capital, Benchmark Capital, Marc Andreessen, Ben Horowitz and Jeff Jordan.
On Friday, the SEC announced it had found that Wealthfront made false statements about a tax-loss harvesting strategy it offered to clients, claiming to monitor accounts for transactions that might trigger a wash sale, but failed to do so. It also found that Wealthfront “improperly re-tweeted prohibited client testimonials, paid bloggers for client referrals without the required disclosure and documentation, and failed to maintain a compliance program reasonably designed to prevent violations of the securities laws.” Without admitting or denying the SEC’s findings, the company agreed to pay a $250,000 penalty.
Have you integrated your Coinbase account with Wealthfront? Share your experience in the comments section below.
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