Jason Zweig

speaker

906 appearances 17 recordings 1 series first heard Jan 2018 last heard Sep 2022

Jason Zweig’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · When Your Robo Investor Has a Mind of Its Own · 22 May 2018 podcast

And pretty much all eligible clients of the Wealthfront robo-advisor are being automatically moved into that fund, up to 20% of their money in some cases. voice-verified

And that might work out well in the end, but it's kind of an open question as to whether all of those people are really aware that this is what they want. voice-verified

Yeah, it's more than $100,000 in assets, and there are a couple other criteria as well. voice-verified

But it does apply to a lot of people, and at this point, it's on track to have roughly $900 million in it for a fund that just started a few months ago. voice-verified

Well, no. voice-verified

You certainly shouldn't panic, although the question here is why the fund's performance is so far out of phase with similar funds, and there are quite a few, and the others have all performed pretty closely in line with each other. voice-verified

And given that this is a brand-new, untested fund... voice-verified

and also that people had to opt out if they didn't want to participate. voice-verified

Otherwise, they automatically would find their money invested there. voice-verified

It does sort of raise the question of whether that technique is appropriate of automatically pushing people's money into a new product. voice-verified

Yeah, it is. voice-verified

And some people have stumbled over this. voice-verified

I mean, the whole purpose of the firm is to do all your decision making for you. voice-verified

And yet in the prospectus, it says that you should be capable of doing that yourself. voice-verified

Now, to be fair, Wealthfront says that language is in there primarily for external investors who might want to buy the fund because the firm feels... voice-verified

It is doing that on your behalf if you invest in the fund. voice-verified

Well, I think they are going to try to manage it to be as tax efficient as they can. voice-verified

But what's important for investors to realize is that traditionally this kind of fund, this risk parity structure, has not been particularly well suited for taxable accounts and tends to be favored for IRAs or non-taxable institutions. voice-verified

So that's another factor to bear in mind for sure. voice-verified

Well, so I think the key here is the same that arises with any decision where humans and computers interact. voice-verified

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