Across the forums, Wealthfront’s stock-level tax loss harvesting seemed to stand out as the biggest thing it has going for it. One commenter, however, was unimpressed by Wealthfront, stating that
“for a company that’s raised 10 MM and has a star-studded board, I feel like the product should do more than make recommendations anyone who’s read A Random Walk Down Wall Street could make.”
In this way, then, it seems as if Wealthfront might be a victim of its own success — it’s the biggest Robo Advisor, so there’s an expectation that it should also be categorically the best, and while it’s good, there’s little other than the tax harvesting that marks it out as particularly better as a choice for you than its rivals.
As regards customer service, Wealthfront seems to come out fairly well. Customers, as a rule, have no complaints about the speed with which their queries were answered, and unlike some other Robo Advisor services, there are some named figures attached to the company – it’s not purely run by computers. The investment team certainly aren’t rookies, either. On the contrary, Wealthfront is run by a slew of PhDs and experienced brokers, many of whom are chairs of the investment committees of the likes of Princeton and Yale. These are certainly people with impressive credentials, used to investing huge amounts of money. The management team, likewise, has worked with Stanford Graduate School of business and at the University of Pennsylvania. As one customer pointed out, “at least it makes you feel like they must know what they’re doing.” On the negative side, however, it was pointed out on several forums that in order to keep up with its competitors, Wealthfront might need to construct an android app. At the moment, there isn’t any way to access your money on the move, short of using the desktop site, which “doesn’t work particularly well on a cellphone screen.”
There doesn’t seem to be strong opinions either way on Wealthfront. It’s established, and it’s reliable. But if it’s a better choice than others? That’s entirely up to the individual investor.