Wealthfront: Save and Invest 4+

Dewayne

So far I’m very pleased. I’m disabled and have had two back surgeries as well as cancer and I’m not quite 50 as of yet. Luckily I had a long term disability insurance policy. I had to actually fight the insurance company to keep receiving my benefits after I’d found out I had cancer. I had to have a huge tumor removed from behind my liver in august 2018 and when I awoke my then wife informed me I had won the appeal. It was a blessing from god. The policy is until I’m 66. That’s basically 16 more years. Then from then on it will be social security only so my plan is to save and invest every penny I can obtain between now and then. I had to fight the insurance for my benefits at the exact same time I was fighting for my life and I beat both with the help of God and I’m grateful but it taught me to be better prepared and that is the reason for Wealthfront. My home was also flooded and I lost everything in 2019. Since then I purchased a nice large camper and now that my kids are grown and in college my plan is to continue living as cheaply as possible since I’m alone now and save every single cent I can obtain and invest with Wealthfront. So far I couldn’t be happier and would just like to thank Wealthfront so far and look forward to seeing how large it can grow in the upcoming years. Thanks so much.

Alas...

I used to recommend Wealthfront to everyone who'd listen and several people who wouldn't, but no more. I thought it was the best financial institution to ever appear on the planet, and I think, for a while – and excepting their preposterous requirements for mobile check deposit – it was. Unfortunately, over the past month or so, several transactions I've tried to make were declined due to their obviously faulty security system that now flags perfectly ordinary transactions – including my monthly cell phone bill – as "suspicious". I wouldn't even mind this nearly so much if their response to every "suspicious" transaction was to immediately send me a text asking whether the transaction was valid, but they now do this on only the rarest of occasions, leaving me, 99% of the time, to call them on the phone, wait on hold for some period of time, and then talk with a representative for about 20 minutes in order for the representative to make a "one-time exception" to the overzealous security system's error so that I can complete the transaction in question and have my *next* purchase or payment declined instead.

Due to this and the aforementioned unreasonable requirements for mobile check deposit, I'm moving my money out of Wealthfront and likely closing my accounts. And I've told everyone I recommended them to that I no longer recommend Wealthfront at all.

It's a crying shame, but everything changes, and, alas, Wealthfront has proven no exception.

Developer Response ,

Hi plaintiger,

Thank you so much for taking the time to leave a detailed and thoughtful review! We really appreciate it!

Beginner investor

This is my first time investing with a plan and not randomly buying a stock and selling it two weeks later. Wealthfront has been perfect for me. It helps beginners like me set goals and gain a lot of starting knowledge on what I need to be doing in the world of investing without worry of losing a lot of money. Robo-advisors (especially like wealthfront) are a great place to learn new skills to help you grow your portfolio in the beginning for a very small fee and a very small initial investment. For anyone that’s already knowledgeable about investing then this may not be the place for you. It’s hard to get into depth or immediately make changes to your portfolio. You can choose where you would like your money to go but it will take days or weeks for wealthfront to move your money in a “smart” manner. But overall I’m so glad I started here. I feel confident I can learn and make my investment grow. I know that if I stick with it, there’s a chance that I’ll outgrow wealthfront and at if that point comes I can use my money elsewhere with the knowledge wealthfront has helped me gain. This app has made me realize that most people truly don’t have an excuse anymore for not getting into investing.