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Anyone know of any other product offer that will take excess after direct deposit and invest it for you? I've called Fidelity and Betterment and both do not of
by dartdartdart 5y ago
Anyone know of any other product offer that will take excess after direct deposit and invest it for you?
I've called Fidelity and Betterment and both do not offer an automated way like wealthfront does. Really sad to see wealthfront being the only player in that space.
Edit: by automated I mean something like "everything over $10k after bills, invest". It takes a couple of clicks per month manually, but it's been pretty relieving not having to do that every month.
- lotsofpulp 5y agoIs there really that much utility in automating that? It takes a few clicks to move money from a checking account in Schwab/Fidelity to a target date fund or index ETF.
- all2 5y agoI have to remember to do those few clicks, though.
- lotsofpulp 5y agoShould people not be remembering to login to their accounts on a monthly or at least bimonthly basis to save statements/verify transactions/check to make sure they are not being stolen from?
- all2 5y agoI glance at account balances about once a week just out of habit. More than that requires brain power that I either lack or am too lazy to use unless I plan ahead.
- knappe 5y agoVanguard allows you to set up automated withdraws that are invested into specific funds, with one caveat: `It’s important to note that you can only automate investments into Vanguard mutual funds.` https://support.vanguard.com/tutorials/automatic-investments https://support.vanguard.com/tutorials/automatic-investments
- dymk 5y agoThere is. Logging into those accounts is a pain in the ass, and requires active effort to remember doing. Automating things like bill-pay, deposits, and other "set it and forget it" tech is the best thing since sliced bread.
- lotsofpulp 5y ago>Logging into those accounts is a pain in the ass Just to be clear, we are talking about clicking on a bookmark, letting the password manager fill in the login info, and the clicking login or pressing enter? >requires active effort to remember doing Checking up on one's assets is something that should be on a periodic to do list. We even have devices that can be scheduled to alert us when it is time.
- dymk 5y agoYou can try to argue that this is stuff that people _should_ be doing, but it's always nice to build technology that acknowledges the tendency for humans to avoid doing repetitive, boring, manual work, rather than pretend that not be the case.
- boring_twenties 5y ago> Just to be clear, we are talking about clicking on a bookmark, letting the password manager fill in the login info, and the clicking login or pressing enter? Close, you forgot the part where you need to locate your 2FA device, possibly connect it to a charger and wait for it to boot if needed, and then of course actually get the 2FA code and type it into the website. edit: Oh, and I forgot the part where if you need to boot the device, you probably have to type in the password.
- lotsofpulp 5y agoIf I am using a previously used device, I do not get asked for 2FA on Schwab or Fidelity. Also, macOS/iOS automatically fill in SMS 2FA which is nice.
- kaesar14 5y agoThere's utility in automating anything you do manually the exact same way repeatedly and regularly
- deleted 5y ago[deleted]
- bwbmr 5y agoBetterment had that until a month ago: "Two-Way Cash Sweep", though that swept into their cash reserve account, not the investment accounts. They said that less than 1% of users had it enabled, and so discontinued it.
- wilg 5y agoThis is what is making me want to switch to Wealthfront or something else.
- liber8 5y agoMaybe I'm misunderstanding, but nearly every bank I've ever used offers this feature. I currently have auto-transfers and auto-investments set up in Fidelity. If you receive a paycheck, you can easily set up Fidelity so that it automatically transfers $xxxx dollars per month to whatever account you like. You can also set up each account to automatically purchase $xxxx dollars worth of whatever equity you want.
- dartdartdart 5y agoDo you bank with fidelity to be able to do this?
- liber8 5y agoI have a brokerage account at Fidelity, which I can write checks on, but I only use the account for investing. I guess theoretically you could use it as a primary bank account? I have some auto-transfers into the account each month, that automatically get invested, and some auto-transfers out to non-Fidelity accounts so I can invest proceeds in things Fidelity doesn't offer.
- dartdartdart 5y agoYeah you're saying x dollars instead of y dollars over z amount. It's a trivial calculation but it's really convenient
- deleted 5y ago[deleted]
- frankthedog 5y agoI have an easy setup that’s close to what you want. From fidelity I got my account and routing number. I took that to my payroll provider (ADP) and changed my direct deposit instructions to send a fixed amount per paycheck to my checking account, and everything over to my fidelity account. I still have to login every two weeks and buy shares with whatever was just deposited but it’s very easy with the app. It looks like that could also be automated, but only for automated buys of mutual funds. I only use ETFs so haven’t played with that portion. This setup works really well for me!
- matteotom 5y agoIf you pay for M1 pro ($125/year) you can set a "smart rule" to automatically transfer above $x from your spend (checking) account to an investment account, and automatically invest it.
- clay-dreidels 5y agoSwan Bitcoin will automatically convert your USD direct deposit into BTC on the same day, and then transfer your BTC weekly into your cold storage.
- sixminuteabs 5y ago[Disclaimer] I'm the founder of farther finance (https://www.farther.com https://www.farther.com) - the first digital family office. We offer this to our clients at farther - set a minimum amount to keep in your bank account, everything over set minimum gets swept to your investment accounts and invested based on how you set them up and any relevant regulatory stuff (like max IRA contribution amounts) or goal amounts. Quick note - We focus on holistic management for pretty significant wealth (compared to the target client for most offerings) and all of the stuff that comes with that - more intricate planning around events, alts, families, collabs with CPAs, attorneys etc. That's best achieved with a hybrid approach - an advisory team boosted by tech - so advisors are part of the deal! If you're interested, feel free to PM me and I'll connect you with one of our advisors.
- simonebrunozzi 5y agoDo you offer your services only in the US, or also elsewhere (Europe, Asia)?
- sixminuteabs 5y agoWe're US only for now.