It was one of first big robo-advisors in the market when it was founded in 2011.
Now roboadvisor Wealthfront is treading water as they watch the major retail brokerage firms making huge splashes in the market.
CEO Adam Nash boasted about his firms’s rapid growth last summer and how they could soon replace ‘traditional’ financial advisors.
However, InvestmentNews reports Wealthfront’s AUM growth slowed to a crawl at the end of 2015.
Quoting latest SEC filings, the publication said Wealthfront had about $2.8 million in assets under management at the end of the last quarter.
How does that compare? Wealthfront reported $2.5 billion in AUM in the third quarter, following a second quarter of $2.4 billion. This time last year the firm had $1.7 billion in AUM.