Pagans that we are, we love a good fight (as long as no one gets hurt!), and when it’s in the world of fintech, all the better! So last week Betterment reported that they were adding HUMANS (yea!) to their team to go after HNW business. Then on Friday, Wealthfront announced that they are expanding their product offering with an expanded ROBO suite called PATH. Looks like the whole robo space is still finding its footing. One way or another, they can gather all the AUM they want, but unless they start making money, they won’t survive. Aside from that, check out the weird quote from Wealthfront’s founder at the end of the story. Que? What is THAT about?
ndependent robo-advisor firm Wealthfront is adding automated financial planning, which means it’s “doubling down on its bet that fully automated advice is the future,” reports WealthManagement.com.
The move comes as rivals, including Betterment and Charles Schwab, are increasingly pairing robos with human advice-givers. Wealthfront with automated financial planning will be more responsive than a human advisor alone, company founder Dan Carroll tells WealthManagement.com. “Going to a human advisor is completely dehumanizing,” he says.
Wealthfront’s new service, dubbed Path, aggregates users’ data to determine their saving and spending patterns. The technology can take into account home equity; it provides projections about Social Security, inflation and investment returns.”
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