Self-Driving Money aims to help millions of Americans optimize every next dollar earned.
Today, Wealthfront and Grove, a financial planning startup, announced that the Grove team will be joining Wealthfront to bolster its efforts to deliver Self-Driving Money.
“We are so excited to be joining the Wealthfront team and are extremely grateful to our clients, employees, and investors who helped us get to this point,” said Chris Hutchins, co-founder and CEO of Grove. “We’ve always appreciated the role technology and automation can play in scaling quality financial advice. We are dedicated to the vision of Self-Driving Money as we believe it will have a huge impact on how people manage their finances.”
Wealthfront’s Self-Driving Money vision will allow clients to optimize every dollar they earn. A client will be able to deposit her paycheck into Wealthfront and technology will handle the rest, ensuring that bills are paid, the right amount of money is in her emergency fund and she is contributing to the most appropriate investment accounts to achieve her specific goals and maintain her lifestyle.
“This is an incredible time for Wealthfront,” said Andy Rachleff, co-founder and CEO of Wealthfront. “We’ve already grown our total client assets this year by nearly 100 percent and are thrilled to add Chris and the Grove team to help us accelerate the development of Self-Driving Money.”
Grove was founded in 2015 by Chris Hutchins and Chris Doyle with the mission to empower people to make great decisions about their money through a combination of human advisors and technology.
Wealthfront is the only automated financial advisor to offer the combination of financial planning, investment management and banking-related services exclusively through software. Because of this pure software model, the company has quickly become the automated advisor of choice among people in their 30s and 40s. Anyone with $500 can open a Wealthfront investment account which offers access to the company’s unique PassivePlus investment strategy and comprehensive automated financial planning service, Path. Wealthfront was launched by Andy Rachleff and Dan Carroll in December 2011 and currently manages about $10.5 billion.