Comment by enra | Hacker News Reader

Comment by enra | Hacker News Reader

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I think it's opposite, if you have more of money, you likely will have more options and don't want to have your money on some random roboadvisor startup.

Part of Wealthfront mission was to encourage younger people to save. They had a nice "savings tool" that you could play around with. Similarly how Robinhood got lot of people in to stock investing because the app was engaging and easy to use (for good or bad).

Fidely and Vanguard apps and websites are quite horrible to navigate and there are many more hoops to go through just to open an account and then you need to figure which funds to pick and how balance etc. With Wealthfront you just download the app on your phone, add some info, your bank account and set like that you want to invest like $250 twice a month and then forget about it.

> set like that you want to invest like $250 twice a month and then forget about it.

I don’t believe Wealthfront actually supports this. If they did, I would use it.

They have you set targets for your cash account. Then any amount of money over that target gets invested into Wealthfront[0].

Vanguard does actually support this [1].

[0] https://support.wealthfront.com/hc/en-us/articles/3600451894...

[1] https://support.vanguard.com/tutorials/automatic-investments

I don't have their cash account but I set up repeat bimonthly transfers of a set amount from my checking account easy enough.

Automated deposits? Yes they have that, I use it myself

Wealthfront absolutely supports automated investments and has for years, please edit or delete this as it's incorrect. https://support.wealthfront.com/hc/en-us/articles/3600292269...

Kind of contrarian view I like to read on HN. If I may add, maybe the reason people used robo advisory here is potentially ( mainly) because they are not aware of the other tool.

I must admit myself that the focus over fees charged is not something, as new comers, you would look at priority. Especially as sales person in the sector would not put that out.

> maybe the reason people used robo advisory here is potentially ( mainly) because they are not aware of the other tool

Is there a term for self-aware aversion to the Dunning-Krueger effect? Where one recognizes a task is outside their circle of competence, and so avoids making off-piste judgements in its respect?

Not sure I got your point. Can you elaborate?

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