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September 02, 2020 at 03:37 PM
Two months after Wealthfront introduced debit card and checking services, the independent digital advisor is offering automatic transfers of clients’ funds from their Wealthfront savings or checking accounts into their investment accounts.
Autopilot, as the new service is called, acts as a “free financial assistant,” automating clients’ financial tasks to ensure that their savings are immediately deposited into the Wealthfront account that best suits their financial goals, said Chris Hutchins, the firm’s head of autonomous financial planning, in a statement.
Autopilot is the first tangible service of the firm’s Self-Driving Money platform, which aims to automate the distribution of money from a cash account into investments, savings and bill and loan payments, said a spokeswoman.
(Related: Why Wealthfront’s Latest Deal Won’t Impact Advisors)
Here’s how it works: Clients tell Autopilot how much cash to keep in a checking or cash account and the service will automatically save or invest the rest.
Once the balance exceeds at least $100 above that ceiling, Autopilot will schedule the excess cash to be moved into the Wealthfront savings or investment account, and clients will have the ability to cancel the transfer 24 hours before its scheduled as well as the ability to cancel the Autopilot service at any time.
Wealthfront plans to add other destinations for the excess cash in the near future, including transfers to 529 plan accounts and IRAs, and to instantly route paycheck deposits, already available two days early, to savings, according to its spokeswoman.
