Wealthfront's $20 billion AUM proves it's increasingly becoming a viable threat to incumbents:
These examples show that Wealthfront is succeeding at a time where incumbents struggle to meet consumer demands with their digital wealth management products, and this lowered competition from incumbents will only boost the fintech's future chance of success.
Moreover, Wealthfront's savings-account-like product is offering an industry-leading interest rate, which is now over 0.3% higher than Goldman's Marcus, which recently further its interest rate. And while legacy players' digital offerings have high brand awareness and consumer trust behind them, offering market leading products will help fintechs to lure customers away from incumbents and continue growing their user bases."Wealthfront reaching this milestone really shows how wealth management is changing. Incumbents need to adapt their digital offerings as client's expectations have changed drastically over the last few years.
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