California-based Fintech firm Wealthfront has announced that clients who use their Cash Account to invest in a Wealthfront Investment Account may have their funds invested in the market “within minutes.”
Wealthfront customers who choose to direct deposit their paycheck into the Wealthfront Cash Account may get paid up to two business days early, and this recent announcement is “the next step” in the firm’s efforts to “put their clients’ hard-earned money to work for them immediately,” the Fintech company noted in a release shared with CI.
Dan Carroll, co-founder and Chief Strategy Officer at Wealthfront, stated:
“Time spent in the market is one of the most important things for long-term investors, so we’re excited to be able to give our clients’ money more days to enjoy the power of compounding interest. At Wealthfront, we’re building an entirely new financial ecosystem that puts the client first and we believe the outcome will have an enormously positive impact on the wealth accumulation possibilities for Millennials and Gen Z.”
When combined with the option to get paid up to two working days early, Wealthfront customers may unlock more than 100 extra days in the market. Wealthfront customers may also use the Fintech firm’s automation services to automatically execute their individual savings strategy, “allowing all money movement to happen in the background without them needing to lift a finger.”
Wealthfront is focused on developing and supporting a financial system that “favors people, not institutions,” the company claims. Their team plans to continue to “reinvent” banking and investing services so the system works in a more efficient manner, offers more value and provides “more opportunities for wealth creation among young professionals.”
To open a Wealthfront account, you may download the company’s app via the App Store or Google Play or by visiting the firm’s official website.
As reported earlier this month, Wealthfront announced that its clients will now be able to use their service to monitor for and automatically transfer excess funds to a Wealthfront Roth IRA, Traditional IRA or a 529 College Savings Account.
As noted in a release shared with CI, previously, Wealthfront had been monitoring for excess cash and would automatically transfer the balance to a Wealthfront Taxable Investment Account or a Wealthfront Cash Account. The Fintech company confirmed that it has “quickly expanded” its service to include even more account options.
As mentioned in the update:
“This added automation is another important step in Wealthfront’s ultimate vision to build an ecosystem that optimizes and automates all of their clients’ finances, a vision they call ‘Self-Driving Money.’”
Clients may use Wealthfront to keep track of or monitor an outside checking account or a Wealthfront Cash Account, and when that account exceeds the client’s “prescribed balance,” the funds are automatically deposited into the Wealthfront account of their choice.
As covered, Wealthfront describes itself as “a nextgen banking service that manages your savings for you using automation.” The Wealthtech firm aims to offer all of the financial services you would need such as “high-interest” checking that provides an ATM/debit card, “low-cost” investment portfolios managed for you, “one-click” loans and “free” advice and planning tools via an easy-to-use mobile app.
Wealthfront recently began implementing “Self-Driving Money” services in order to automate customers’ savings plans so they don’t have to be concerned about monitoring accounts and moving funds around.