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SEC clobbers Wealthfront on multiple alleged offenses; settles case with 'cease and desist' order, $250,000 fine

The big charge relates to tax-loss harvesting but Tweeting testimonials also comes into play

Author Brooke Southall December 21, 2018 at 7:58 PM
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Andy Rachleff wrote in his blog last year: 'The value of the tax-loss harvesting benefit at Wealthfront far exceeds the advisory fee in terms of the after-tax benefit.'

RIA Compliance



Peter Giza

Peter Giza

December 22, 2018 — 2:20 AM
Technology is now regulated de facto by virtue of our regulated clientele. The SEC, FINRA and other regulatory bodies have found an effective backdoor solution to regulate the fintech industry. If you as a technology provider think otherwise then think again.
Steve Redding

Steve Redding

December 22, 2018 — 4:15 PM
"The underlying premise of the Investment Advisers Act is to 'say what you mean and do what you say,'" he says.  "Silicon Valley, however, tends to build the feature list and eventually backfill the technology platform with the functionality. [ No different for some big RIAs that think they are technology platforms ]

Related Moves

August 14, 2021 at 2:20 AM

Wealthfront's unlikely tapping of Sheila Bair and Tom Curry signals likely push to gain a bank charter, analysts say

The Redwood City robo-advisor's addition of two renowned former chief banking regulators brings legitimacy and guidance that could lead to a margin-fattening bank charter and help solve the robo-advisor's problem of high client acquisition costs.

December 31, 2020 at 4:37 AM

Oisín's Bits: Wealthfront drops old mission statement, declares war on institutions and emphasizes banking future • Seeking Utah charter, Edward Jones may become largest bank in US by branch count • After Advent chief leaves, Black Diamond head steps up

Andy Rachleff cans the old 'democratizing' mission statement at his robo; The 14,200 one-man Ed Jones branches may become branch banks; Steve Leivent consolidates power at SS&C.

July 3, 2020 at 1:12 AM

Mentioned in this article:

Portfolio Management System
Top Executive: Andy Rachleff

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