Wealthfront, the Palo Alto-based robo advisor pioneer with about $2.5 billion in assets under management, has dropped one zero from its minimum account balance requirement.
Now, investors will only need $500 to open an online advisory account, as opposed to the previous $5,000 minimum.
"Although $500 can't even purchase one share of Google, now with just $500 you can get exposure to a globally diversified portfolio across multiple asset classes representing thousands of securities, all in a simple, convenient and automated Wealthfront account," wrote Elliot Shmukler, the company's vice president of product and growth, in a blog post.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
