Wealthfront Brokerage Corporation (“WBC”), the broker dealer and subsidiary of Wealthfront, Inc., has recently changed its brokerage arrangements and the letter you received was a detailed notification of these changes.
These changes allow Wealthfront to offer additional unique products and services to our clients, as well as an better overall client experience.
The more detailed explanation is that Wealthfront formerly used Apex Clearing for trade execution, trade settlement, the holding of your cash and securities, and acted as IRA custodian. Moving forward, Wealthfront will use RBC Correspondent Services to hold your securities for transaction processing and settlement. For IRA accounts, we also have partnered with IRA Services Trust Company who will act as a successor custodian for any IRA cash and securities you may own.
These changes will result in no additional cost to you. If you do not wish to have your account transferred, you can email us at firstname.lastname@example.org to request that we do not transfer your account to our new structure. Please note you must email within 30 days after the day you received the notification letter, and if you elect not to transfer your account, we will no longer be able to manage it