Wealthfront is an automated investment service firm based in Palo Alto, California, founded by Andy Rachleff and Dan Carroll in 2008. Rachleff is the executive chairman of Wealthfront and Adam Nash is its chief executive officer.
The company has received funding from Benchmark Capital, DAG Ventures, Index Ventures, The Social+Capital Partnership and individuals, including Marc Andreessen, Ben Horowitz and Jeff Jordan. As of December 2014, Wealthfront had more than $1.7 billion of assets under management.
Wealthfront was founded by Benchmark co-founder Andy Rachleff and Dan Carroll in 2008 as kaChing, a mutual-fund analysis company, before pivoting into wealth management. Rachleff was the firm's founding CEO. In December 2012, the firm started tax-loss harvesting for accounts of more than $100,000.
The company started 2013 with $97 million in assets under management and grew by 450% in one year.
In 2013, Wealthfront introduced "direct indexing", a tax-loss harvesting platform that purchases the individual securities of an investment portfolio.
In January 2014, Adam Nash became Wealthfront's CEO. In April 2014, Wealthfront raised $35 million in a funding round led by Index Ventures, Ribbit Capital and Benchmark Capital. The funding round brought the firm's total funding to $65.5 million.
In 2016, Wealthfront launched a partnership with the state of Nevada to launch a 529 tax-advantaged college savings plan. In the previous year, Nevada passed approval on a new tax credit for employers who provide fund matching to employees participating in 529 savings programs.