Digital adviser Wealthfront has created its own mutual fund despite having previously criticised its competitors for introducing proprietary products . The fund is intended to help Wealthfront develop a multi - parity strategy for taxable accounts with a value of $ 100,000 . The firm said the fund would increase customers ' average annual expense savings by eight basis points . However , the move has met criticism , with concerns over whether the fund creates a conflict of interest for customers . Micah Hauptman , financial policy counsel at the Consumer institute of America , said : " I 'm pretty surprised and frankly baffled by what they are doing . "
Digital adviser Wealthfront has created its own mutual fund despite having previously criticised its competitors for introducing proprietary products. The fund is intended to help Wealthfront establish a risk-parity strategy for taxable accounts with a minimum of $100,000. The firm said the fund would increase customers' average annual expense ratio by eight basis points. However, the move has met criticism, with concerns over whether the fund creates a conflict of interest for Wealthfront. Micah Hauptman, financial services counsel at the Consumer Federation of America, said: "I'm pretty surprised and frankly baffled by what they are doing."