Hi everyone. I'm Maggie McGrath, senior editor at Forbes. We know from surveys that nearly

two and five Gen Z members and millennials say that they have a harder time building wealth than their parents did.

And so I'm sitting down with my colleague Jeff Coughlin.

He is a senior editor covering FinTechs and we are going to be talking about one of those FinTech companies that is helping people build wealth.

Literally has wealth in the name.

Jeff, thanks so much for joining us.

Thanks for having me.

Great to be here.

So you wrote a story on Wealthfront,

which is a FinTech startup that we actually covered back in 2014

in a story called The New Money Masters.

But 10 years later, this company is finally profitable. We'll get

into how they built profitability but I want to start by asking a very broad

question for those who might not know. What is Wealthfront and why do we care about it? Yeah, so Wealthfront is what

they call a Robo advisor. Basically they will create kind of customized

investment portfolios for you based on your risk tolerance, your time horizon,

or you're saving for retirement.

And so, yeah, it's a robo-advisor and they started a little bit differently they actually started by

allowing people to pick money managers professional money managers and they kind of

had a competition which money managers are performing the best and you could pay to pick a money manager

but they pivoted pretty quickly just a couple years after they got that one going

into the robo-advisor and And so just like Betterment or Vanguard,

...