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Another day, another RIA expanding into crypto. Wealthfront, a Palo Alto, California-based automated investment service firm, is expanding its clients’ investment options to include Grayscale Bitcoin Trust and Grayscale Ethereum Trust. The firm is the first to make it possible to gain exposure to cryptocurrency as part of a diversified portfolio with automation features like tax-sensitive rebalancing, intelligent dividend reinvestment and tax-loss harvesting, according to a blog post on the firm’s website. The firm had toyed with including cryptocurrency in its offerings for a while, says Kate Wauck, Wealthfront’s vice president of communications. Many of Wealthfront’s clients, who are Millennials and Gen Z-ers, have expressed an interest in the ability to tweak their allocations and shown an increased appetite for risk, prompting the firm to consider expanding its services to include cryptocurrencies and individual stocks. ....
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Wealthfront claims M1 Finance spied on client research sessions The robo-adviser claims that at least one M1 employee lied about employment in order to get information about Wealthfront products and listen in on direct feedback from clients. January 21, 2021 2 MINS Competition is heating up in the robo-advice market as account openings surge and new players enter the space. In turn, some robo-advisers are going beyond friendly competitor banter and heading into full-fledged allegations of corporate espionage. In fact, Wealthfront Senior Director of Product Daniel Slate called out fellow robo-adviser M1 Finance publicly, via Twitter, alleging that one of its employees snooped in on a customer research session where future products were being discussed with clients. ....