Wealthfront Shopping for RIA, Side Shopping for Purchasers


Wealthfront is shopping for San Francisco-based Grove Advisors, in accordance with an announcement made in the present day, however the acquired RIA shall be jettisoning its purchasers. Grove Advisors, which has 42 accounts and $four million in property underneath administration, per regulatory filings, shall be “shift[ing] our focus to constructing expertise and automation on a big and rising platform,” in accordance with an electronic mail offered to purchasers. Grove is popping to tech-advisor hybrid Side Wealth to supply advisor providers, together with monetary planning, for the purchasers it’s jettisoning.

“As of August 23rd, Grove itself will now not provide monetary planning providers or funding advisory providers to purchasers. To facilitate the transition to Side, Grove has entered a strategic settlement with them to supply monetary planning to these of our purchasers who’re focused on persevering with to obtain fiduciary, flat-fee monetary recommendation,” in accordance with info offered by Grove.

“Grove purchasers signed up for a hybrid monetary planning service and we wish to respect that desire,” mentioned Kate Wauck, spokesperson for Wealthfront. “As such, Grove is working with Side Wealth to supply present purchasers the choice to proceed to obtain flat-fee fiduciary recommendation from CFPs.” She famous Wealthfront is “delivering monetary recommendation solely by expertise.”

This can be a breaking information story. Verify again for updates.


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