You have probably heard about the Wealthfront app on YouTube and want to know if it’s available in your country, right?
Wealthfront is one of the first Robo-advisor companies offering various portfolios to individuals looking to invest automatically. It targets all types of investors and offers attractive features like financial planning tools, automatic rebalancing, tax-loss harvesting, and a low fee structure of 0.25%.
Want to know if Wealthfront is available internationally, its expansion plans, and the alternatives available to international investors? We’ve got you covered!
What is Wealthfront?
Founded in 2008, Wealthfront is a US-based Robo-advisor fintech with more than $27 billion in assets under management (AUM) and trusted by more than 470,000 clients.
After answering a short questionnaire, Wealthfront recommends an investment portfolio based on your risk profile and financial goals. You can open an account starting at $500, which will be invested in exchange-traded funds (ETFs). On top of the relatively low annual fee of 0.25%, what distinguishes Wealthfront from its competitors is that it offers a diverse range of products, including:
Cash management: It offers all the checking account features you might need, including a debit card for ATM withdrawals, bill payments, and check settlements, while earning a 0.35% APY on your cash balance.
Automated investing: You can create a personalized, diversified portfolio tailored to your needs. For instance, it offers a traditional IRA, Roth IRA, SEP-IRA if you plan for retirement, and 529 college savings accounts to invest for education and other accounts.
Borrowing: You can borrow up to 30% of your investment portfolio and get approved for a portfolio line of credit in one business day. The rates can be as low as 2.65%.
Financial planning: Wealthfront has a free Path tool that helps people explore their options when planning for buying a house, early retirement, college, or other goals like traveling.
Does Wealthfront work outside the US?
Unfortunately, Wealthfront is not available for clients living outside the US. Their Help Center states the following information:
“No, we currently require all Wealthfront clients to have a US social security number, a permanent U.S. residential address, and currently reside in the US due to financial regulations. We cannot support clients residing outside of the US, including US citizens residing abroad.”
For the time being, Wealthfront does not have any plans to expand outside the US. So, you should check other international fintech companies offering robo-advisory services. We’ve done that job for you and compiled a list of similar Robo-advisors that you might want to consider:
A Robo-advisor offering various portfolios and customization possibilities. The service is fully automated, and allows you to invest in socially responsible investments and benefit from tax-loss harvesting. It charges an annual management fee between 0.13% and 0.41%, depending on the investment amount, and you can have access to a personal financial advisor for amounts greater than €100,000. You can read our inbestMe review.
It is the most downloaded Robo-advisor app in Europe. It allows you to select your target percentage weights for each suggested ETF. The annual fee is 0.48% and is deducted on a monthly basis. It is available in 32 European countries and is expected to expand more.
Indexa Capital is a leading Robo-advisor in Spain. It allows you to invest in index funds starting with €3,000. The management fee ranges between 0.15% and 0.43%, depending on the amount invested. It is available to anyone living in one of the EU countries (except Cyprus, Gibraltar, and Malta), the United Kingdom, or Switzerland.
This Robo-Advisor favors socially responsible investments. It charges an annual fee of 1%, billed quarterly. Its services are available in the UK and many European countries (You can check the full list of Birdee countries).
Stockspot is an Australian Robo-advisor. It has many portfolio options, themes, and accounts for different investor preferences. It charges a monthly fee of $5.5 for accounts below $10,000, while for the remaining amounts, the management fee varies between 0.396% and 0.66%. Currently, Stockspot is only available for Australian citizens.
Sarwa is a Dubai-based Robo-advisor available for international clients except for US citizens or those having single passports from Iran, North Korea, Northern Cyprus, and Yemen. It offers a wide range of automatically managed portfolios, including a crypto portfolio. You can open an account starting at $5, and the fees range between 0.50% and 0.85%.
A Robo-advisor offering many features like tax-loss harvesting,automatic rebalancing, and access to financial advisors. Its portfolio offerings include a Socially Responsible investing option. Wealthsimple charges between 0.4% and 0.5% annually and is currently available for Canadian residents only.
Wealthfront Alternatives by country
The Bottom Line
Wealthfront is one of the most popular Robo-advisors in the US due to its low fees and the attractive features it offers to investors, but international investors cannot benefit from its services as they are only available for clients living in the US.
We’ve presented several Robo-advisor companies that you might consider when searching for an international alternative to Wealthfront. Remember that your final decision should be informed by self-directed research and in-person due diligence depending on your financial objectives and overall investing platform preferences.
Finally, we hope you’ve found our breakdown of Wealthfront and its alternatives useful. And remember, if you have any questions, feel free to leave a comment below.
A reminder that the above should not be construed as investment advice and should be considered information only. Investors should do their own research and due diligence about the services and opportunities best suited for their risk, returns, and impact strategy.
Does Wealthfront work internationally?🌐
No, Wealthfront isn’t available anywhere outside the US nor does it have plans for expanding internationally.
Is Wealthfront available in Canada? Can Canadians use Wealthfront?🇨🇦
No, Wealthfront is only available to US Citizens. You can find Robo-advisor alternatives in this article.