[ppg677]

I had a lot of money in Wealthfront. It was not a good experience.

First they auto-opted me into some actively managed hedge fund thingy they cooked up. As part of this auto-optin, they caused a non-trivial taxable event. And the fees increased.

When I decided to bail and move my assets elsewhere, I was then left with 500 individual stock equity positions to deal with. What a mess. Took me a long time to sort out that mess and to get my assets into a more manageable situation for an individual. Of course to consolidate I had to take the tax event once they converted to long-term capital gains. I did a lot of this during spring of 2020 which was not a good time to be mucking with stock positions. I lost a fair amount of money.

Finally the tax-loss harvesting is not aware of outside accounts and technically you might be violating tax rules. My accountant ultimately told me over the phone that current reporting rules essentially make this unenforceable though...but he refused to put that in an email.