I had today conversation with financial advisor. According to him, wash sales WF performed screwed tax harvesting as well WF provides its low performing mutual funds, with significant hidden fees. What you think? Any good alternative for money management? Thanks
Wash sales? That’s 100% false. If you trade outside wealthfront you can trigger wash sales yourself but wealthfront for sure doesn’t. Also, go to wealthfront’s website, look at the public list of funds they invest in, and decide for yourself if they are low performing. Of course a financial advisor would recommend against a robo advisor lol
Was that advisor a fiduciary? As I understand, only fiduciary is obliged to act in your interest.
According to this advisor, they don’t hold any assets, so purely on clients interests, have 0.89% management fee. I’m not sure if you was sarcastic in your post
Wealthfront is a rip off. Vanguard target dates funds or other Vangard funds are a better alternative. Wealthfront charges you a fee that they advertise, but then the stuff they buy on your behalf also have fees. If they performed well the fees would be worth it, but they don’t. Tax loss harvesting deductions are capped, so they don’t make a big impact for people making FANG SWE pay.
Tax loss deductions do make a big impact if you have any capital gains. They are capped at 3k per year from regular income, but you can always deduct losses from your gains (which most of us get from ESSPs and RSUs).
For 0.89percent, they probably are truly investing in the best market products. They are or course taking .89percent for that privilege, but they are transparent about it.
http://money.com/money/5330932/best-robo-advisors-beginner-advanced-2018/ “Betterment levies a management fee on top of the fees your funds charge, making it slightly pricier than some robos.”
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Did your advisor give more info in a comparison? Meaning was this person cherry picking or actually convinced you with facts?
He throws a lot of data, not so straightforward to verify