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 RU-vidrs 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.
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
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.
