Hi any wealthfront people here? All the time your company keep talking about how softwares are better than people. I chose wealthfront because I agree. Then this Risk Parity thing came out and boom you enrolled me, wanting to put 20% of my money in without even telling me. What's going on in your company? Suddenly your management decided human are better than software now?
Such outrageous fees are why I prefer index funds like S&P 500
Op: looks like you have 2 weeks to opt out: https://blog.wealthfront.com/risk-parity/
I just opted out, but I don't check my email very often so I could have missed it. I'm more concerned about the direction wealthfront as a product goes. I quite like the product and I read every single article Andy Rachleff wrote on the blog. The idea of rule based trading is so elegant, cheap and have good track record. Customer service staff are very knowledgeable as well. This risk parity thing is highly unusual, completely opposite to their philosophy and the announcement is posted by "the wealthfront team" not Rachleff. Almost feel like another company's product. My wild ass guess is that there's some new politics going on there.
I do agree it's a bit unexpected for them to offer a mutual fund at 0.50%. Not sure I like that direction as well. But I've been a Betterment user for many years now even though I've been very impressed at all the innovations from WF
People still use wealthfront!?
Thanks for calling this out. I have removed risk parity from my account
They sent you an email in early Feb outlining the plan. Bit annoying this was an opt-out not an opt-in .. but seriously read emails from your broker(s) and don't complain it was silent when it clearly wasn't.
Okay fair, my email is full of recruiter spams, also thought they are all about "passive investment"
All good. I opted out (just direct index/tax harvest) via the app just now. You actually reminded me with this post 😁. It was pretty straight forward.
Making progress opt out of an extra fee is pretty slimy.
OP, this is not correct. They would have sent you communication which you missed but they are federally mandated to inform you. In fact, they are required to maintain evidence of that communication.
That's why you need to read the papers that you sign