Wealthfront, a robo-advisor for young professionals, launched the ability to buy individual stocks and fractional shares with zero commissions.
Starting today, investors can open a Wealthfront Stock Investing Account with just $1 and access curated stock collections designed “to help clients discover new investment opportunities.”
Dave Myszewski, Wealthfront’s Vice President of Product, said:
“Young investors are hungry for a smarter way to discover investment opportunities, which is exactly why we’re excited to offer the Wealthfront version of commission-free stock investin. Today’s launch opens us up to a much broader audience while also increasing share of wallet among our existing clients, who have $40 billion in external brokerage accounts that they are eager to consolidate with Wealthfront.”
Investors can now “discover new investment ideas by browsing Wealthfront’s curated stock collections, or by starting with a particular stock and finding related investment opportunities.”
Popular stock collections from the beta-testing phase include “Apple’s Supply Chain,” “Inflation Thrivers,” and “Blue Chip Dividend Stocks.”
Each collection “includes industry commentary from Wealthfront’s Investment Team that highlights opportunities and tradeoffs of a given strategy.”
As Sarah Hanlon, a Wealthfront client who beta-tested the Stock Investing Account, said:
“The collections feature is fantastic for being able to see many different companies within a sector that I’m interested in without having to spend hours doing research. I work in the airline business, so it has been exciting to be able to find other stocks in that industry that fit my investment criteria and can help me broaden my portfolio.”
Wealthfront offers “a suite of saving, investing, and lending products including a high-yield Cash Account with a 4.05% APY, Automated Investing Accounts, and now commission-free stock purchases.”
The launch of stock investing “not only expands Wealthfront’s product offering, but also further positions Wealthfront as the leading wealth-building platform for young investors in any market condition.”
Wealthfront plans “to continue adding more stock collections created by the company’s Investment Team to help clients find and evaluate a wider range of investing opportunities that fit their goals.”
As noted in the update, Wealthfront integrates investing and saving products “to help young professionals build long-term wealth in any market condition.”
Through the power of software, the company “delivers high-yield saving, diversified investing, and low-cost loans to help both sophisticated and new investors learn, lower costs, and grow wealth.”
