How does the fee waiver work when I have multiple Automated Investing Accounts? Is it per account or per client?

Wealthfront's "managed for free" balance is per client not per account.

When you invite friends and family, we’ll waive fees on $5,000 for both you and your friend when they fund an account.

Your fee waivers are first applied to any Individual, Trust, IRAs or 529 Plans opened under your profile, proportionately. After that, they are applied to Joint Investing Accounts you’ve opened under your profile, then to any Joint Investing Accounts under your profile that you are a secondary owner on.

We compute the fee each day by taking the combined account balances every day, subtracting the “managed for free” amount, and then applying our management fee on the remaining balance. Your monthly fee is then assessed by adding up the fee computed for each day in the given month.

For example, if you have two Individual, Trust, IRAs or 529 Plans that when added together have a constant daily balance of $25,000 for the entire month of June, Wealthfront charges a fee of $5.13 ($25,000 multiplied by our annual management fee of 0.25% divided by 365 days times 30 days in the month). We split this fee across accounts based on the proportion of your total Wealthfront assets you hold in each Individual, Trust, IRAs or 529 Plans. 

In that example, if you still have additional fee waivers afterwards, the fee waivers are then applied to Joint Investing Accounts you’ve opened under your profile. If you still have additional fee waivers after that, then to any Joint Investing Accounts under your profile that you are a secondary owner on. 

Note: The fee waiver only applies for investment accounts. Any balances held in a Wealthfront cash account do not count towards your 'managed for free' amount.

*If you signed up prior to April 1, 2018, you will receive your first $10,000 managed for free.