Wealthfront has become one of the most recognized names in digital wealth management, in no small part because of the outspoken approach of its CEO, Adam Nash.
Nash has regularly called out traditional wealth management firms for being slow to embrace innovation. In March he authored a combative blog post accusing Charles Schwab of straying from its foundational values of putting clients first. Nash criticized its robo advisory arm Schwab Intelligent Portfolios, which requires investors to hold between 6% and 30% of their account’s value in cash, on which Schwab earns interest. Further, he questioned the smart-beta ETFs that Schwab Intelligent Portfolio allocates to, which he claimed “not surprisingly all are either proprietary Schwab ETF products or ETFs from issuers that pay Schwab to use them.”
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