There's been a LOT of concerning discussion surrounding the long-term stability of Wealthfront and other Fintech companies. Any thoughts on what's been going on with Yotta, Synapse-Evolve, and maybe some advice to those of us conflicted with what to do with our assets currently in Wealthfront?
I have been watching this unfold as well. Wealthfront has used a few different cleaning houses for their transactions in the past the most current can be found here: support.wealthfront.com/hc/en-us/articles/210994523-Where-is-my-money-held. While I will admit that what happen to Yotta has made me a little nervous I am not rushing out to pull my money out of Wealthfront. "I am not a financial advisor, just a real person using this service." Unlike a lot of the business TH-camrs who were pushing Yotta or investing in it. I actually have my own skin in the game using Wealthfront as a services. I am waiting to see if Wealthfront puts out a statement regarding what happened with Yotta to help put its customers minds at ease.
@@Wanderer001_ReviewsFrom what I looked into, Wealthfront partners with other FDIC banks. It seems like Yotta is a completely different issue because they used Synapse as their middleman intermediary. Wealthfront doesn’t have a middleman. Wealthfront is like Vanguard. If Vanguard collapsed, you would still get your money back.
Nobody is concerned about the stability of wealthfront,Especially the people who actually use wealthfront,….Yotta started out as one thing then it turned into a gambling site. People were too stupid to move their money at that point and they waited. You ever heard of the saying👉🏻’You play stupid games,You get stupid prizes’😑I took my money out as soon as they started adding those gambling games because I have a brain and could see something bad was coming…,Wealthfront is safe as the come👍🏻I trust them with my money,But if I ever get that feeling I’ll be the first one to leave.
Anyone had wealthfront for a long time? Any problems transferring or withdrawing money from your wealthfront account to your bank? Like any issues getting your money? Lmk pls and thank you
I have Wealthfront Individual Investment Account, since the beginning of 2018. I have no problem transferring in or out (I withdrew it out only once). And I also have its HYSA, since mid-2019; I have no problem transferring in & out at all.
Not Financial advice but an individual taxable investment account compliments a Roth IRA and giving you access to invested money that if held for 1 year will be taxed at a much lower rate. Without having to wait until retirement age to draw upon them. So if you need extra money for a large purchase or wish to hit your investment account before your Roth IRA giving it more time to grow tax-free you could.
I have been wondering about the roth conversion on wealthfront for awhile now. Do you have to do that conversion every year or its just 1 time? My pay varies and have not hit the roth maximum salary cap yet but i have a fewling i will this year so whats the best way to go about that?
"Not financial adivce" Yes if you do a conversion it would need to be done every year. The way I will be doing it going forward is about mid Dec. I will know how close I am to the limit and if needed to it then. The issue with conversions is they must be done the same year unlike regular contributions which will let you make contributions until April of the following year. Over all it was not as bad of a processes as I thought it would be. Just make sure to have a talk with your tax prep person first as there are some rules you need to know about and some extra tax docs they will need to fill out for you next tax season.
After what happened to Yotta, I pulled out my funds from WF. Also, do you really think people will believe your robotic voice? Using robot to talk about serious matters like this?
Whole I can understand your thought behind pulling your money out of wealthfront after what went down with Yotta I do not feel that you actually watched my video. I'm not using a robot two voice over my video it's actually me talking. Because I want to humanize videos like this. Showing that I actually have skin in the game and I'm not just pushing a service for kickbacks.
I did the same thing, but not only because of the fintech scare. After hearing about the debacle I did some more research into the partner bank that Wealthfront used for my HYSA, and I did not like what I found. They were using a bank called Green Dot for my account and that bank has a reputation that about as bad as a bank can get without the CFPB coming in to shut them down. There weren't any problems with the service and interest I recieved from wealthfront, but I did not want a bank like Green Dot to be holding my money in any way, shape, or form.
There's been a LOT of concerning discussion surrounding the long-term stability of Wealthfront and other Fintech companies. Any thoughts on what's been going on with Yotta, Synapse-Evolve, and maybe some advice to those of us conflicted with what to do with our assets currently in Wealthfront?
I have been watching this unfold as well. Wealthfront has used a few different cleaning houses for their transactions in the past the most current can be found here: support.wealthfront.com/hc/en-us/articles/210994523-Where-is-my-money-held. While I will admit that what happen to Yotta has made me a little nervous I am not rushing out to pull my money out of Wealthfront. "I am not a financial advisor, just a real person using this service." Unlike a lot of the business TH-camrs who were pushing Yotta or investing in it. I actually have my own skin in the game using Wealthfront as a services. I am waiting to see if Wealthfront puts out a statement regarding what happened with Yotta to help put its customers minds at ease.
@@Wanderer001_ReviewsFrom what I looked into, Wealthfront partners with other FDIC banks. It seems like Yotta is a completely different issue because they used Synapse as their middleman intermediary. Wealthfront doesn’t have a middleman. Wealthfront is like Vanguard. If Vanguard collapsed, you would still get your money back.
Nobody is concerned about the stability of wealthfront,Especially the people who actually use wealthfront,….Yotta started out as one thing then it turned into a gambling site. People were too stupid to move their money at that point and they waited. You ever heard of the saying👉🏻’You play stupid games,You get stupid prizes’😑I took my money out as soon as they started adding those gambling games because I have a brain and could see something bad was coming…,Wealthfront is safe as the come👍🏻I trust them with my money,But if I ever get that feeling I’ll be the first one to leave.
Anyone had wealthfront for a long time? Any problems transferring or withdrawing money from your wealthfront account to your bank? Like any issues getting your money? Lmk pls and thank you
Yes I have been actually using it for 8 years. I have moved money in and out of wealthfront with no issue at all.
I have Wealthfront Individual Investment Account, since the beginning of 2018. I have no problem transferring in or out (I withdrew it out only once). And I also have its HYSA, since mid-2019; I have no problem transferring in & out at all.
Thanks for a wonderful review I will be using your referral link!
Happy to help. Enjoy the extra referral perks.
How does an individual investment account compliment a ROTH IRA account?
Not Financial advice but an individual taxable investment account compliments a Roth IRA and giving you access to invested money that if held for 1 year will be taxed at a much lower rate. Without having to wait until retirement age to draw upon them. So if you need extra money for a large purchase or wish to hit your investment account before your Roth IRA giving it more time to grow tax-free you could.
thanks! I'm going to use your referral link!
Happy to have helped.
I have been wondering about the roth conversion on wealthfront for awhile now. Do you have to do that conversion every year or its just 1 time? My pay varies and have not hit the roth maximum salary cap yet but i have a fewling i will this year so whats the best way to go about that?
"Not financial adivce" Yes if you do a conversion it would need to be done every year. The way I will be doing it going forward is about mid Dec. I will know how close I am to the limit and if needed to it then. The issue with conversions is they must be done the same year unlike regular contributions which will let you make contributions until April of the following year. Over all it was not as bad of a processes as I thought it would be. Just make sure to have a talk with your tax prep person first as there are some rules you need to know about and some extra tax docs they will need to fill out for you next tax season.
Can I transfer the interest earned every month into my external account??
You can but you would need to do that manually.
@@Wanderer001_Reviews Awesome, thank you I appreciate it.
After what happened to Yotta, I pulled out my funds from WF. Also, do you really think people will believe your robotic voice? Using robot to talk about serious matters like this?
Whole I can understand your thought behind pulling your money out of wealthfront after what went down with Yotta I do not feel that you actually watched my video. I'm not using a robot two voice over my video it's actually me talking. Because I want to humanize videos like this. Showing that I actually have skin in the game and I'm not just pushing a service for kickbacks.
I did the same thing, but not only because of the fintech scare. After hearing about the debacle I did some more research into the partner bank that Wealthfront used for my HYSA, and I did not like what I found. They were using a bank called Green Dot for my account and that bank has a reputation that about as bad as a bank can get without the CFPB coming in to shut them down. There weren't any problems with the service and interest I recieved from wealthfront, but I did not want a bank like Green Dot to be holding my money in any way, shape, or form.