Dan Carroll, the cofounder and chief strategy officer of Wealthfront.
Wealthfront announced the launch of portfolio customization tools and socially-responsible investment ETFs. The startup also said it would look to offer access to crypto investments later this year. The robo-advisory space has gotten increasingly competitive, including players like Betterment and Goldman Sachs’ Marcus. See more stories on Insider’s business page.
New retail investors have entered the market in droves during the COVID-19 pandemic. But despite the recent day-trading frenzy around individual stocks like GameStop, the majority of investors are interested in long-terms gains, according to one survey conducted by Charles Schwab in April.
Wealthfront, a fintech known primarily for its robo-advisory service, is expanding its offerings to give investors more customization options when it comes to their portfolios while still addressing long-term goals.
The Palo Alto, California-based startup announced Wednesday a broader range of exchange-traded funds (ETFs) and socially responsible investing (SRI) options available to users. The fintech also plans to begin offering cryptocurrencies later this year.
Wealthfront users will be able to build their own portfolios from scratch from a selection of ETF options vetted by the startup’s research team, or edit one of the startup’s recommended portfolios to gain a desired asset mix.
The new feature is a nod toward the do-it-yourself investing that surged in popularity over the past year while still maintaining Wealthfront’s core approach as a longer-term investing tool.
“We could help those clients understand the risks and buy some of the things they’re interested in and invest in what they believe in, but in a way that helps guide them toward their future,” Dan Carroll, Wealthfront’s cofounder and chief strategy officer, told Insider.
It was a sentiment echoed by Atlanta Falcons linebacker Brandon Copeland. When not playing in the NFL, Copeland is an adjunct professor at the University of Pennsylvania where he teaches a course on financial wellness called Life 101. Wealthfront said it teamed up with Copeland this April