Wealthfront is a digital investment and cash management platform targeting Millennials and Gen Z. The company offers two primary products: a Cash Management Account that functions as a hybrid checking/savings account with competitive APY, and an automated investment advisory platform built on passive, low-cost index ETFs. The investment advisory product charges a 0.25% annual fee—well below traditional advisory rates—and includes automated tax-loss harvesting, direct indexing, and automated bond portfolios. Wealthfront acquires clients almost entirely through word-of-mouth and a referral program, with over 50% of new clients referred by existing clients, and retains no salespeople or human advisors. As of January 2026, Wealthfront had roughly 1.42 million funded clients with $94.1B in total platform assets. Cash management generates ~74% of revenue through a spread on swept client deposits, while investment advisory generates ~25% through asset-based fees. These two streams act as a natural hedge across rate environments. The cost structure is lean—~391 employees, roughly half engineers—supporting ~90% gross margins and adjusted EBITDA margins above 40%. Wealthfront's growth strategy focuses on deepening existing client relationships through cross-product adoption, organic referral-based acquisition, and new product launches including home lending and self-directed stock investing. The company completed its IPO in December 2025 and carries no debt.