This year's biggest story in the U.S. asset management industry is the rise of online investment advisor Wealthfront, which has increased AUM of about $500 million a year ago to $2.6 billion today.
Most of Wealthfront's clients are affluent millennials in their 20s and 30s who have never invested before.
They are attracted to Wealthfront because it offers an easy-to-use, algorithm-driven investment management platform that emphasizes low costs.
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