Wealthfront Reimbursing ACAT Transfer Fees
Unfortunately, Wealthfront right now does not reimburse transfer (aka ACAT) fee for moving
an account from another robo-advisor or a brokerage firm. As an alternative, Robinhood will
cover up to $75 of your current broker’s transfer fee
if your transfer is at least $7,500.
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Wealthfront Overview
Wealthfront offers a variety of different options when it comes to investing accounts, but one of its best set of options is its IRA group. Wealthfront offers three types of IRA’s which are a traditional IRA, a Roth IRA, and a SEP IRA or Simplified Employee Pension IRA. While all three are nuanced in the individuals that can use them, each offers significant benefits that only Wealthfront can bring you.
Setting Up Your Account
Setting up your Wealthfront account is incredibly simple. Just create an account, verify your identity, and within a short amount of time you can be adding dollars to your account.
Wealthfront occupies a different niche than your standard bank as it has no physical locations, thus reducing cost in overhead. Wealthfront also uses sophisticated algorithms to make all of the investment decisions meaning that trades are done faster, simpler, and with more benefit to their clients.
Wealthfront makes setting up your IRA incredibly easy with just a few short questions. Whether you are starting your IRA from scratch or you are transferring thousands
of dollars from an existing account, Wealthfront makes the process hassle-free.
You’ll begin by selecting a type of IRA to invest with. Not sure what type of IRA will work best for you? Don’t worry. Wealthfront has easy to read and understand articles that make selecting an account easy. Their help center offers in-depth analysis of each different IRA class and offers recommendations of what would fit your situation best.
Once you’ve selected what type of IRA account you want to open, it’s as simple as adding money to your account and watching the results over time.
Updated on 3/16/2024.
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