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

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

Wealthfront waives management fees on the first $10,000 we manage for each client. When you invite friends and family, we’ll waive fees on an additional $5,000 for both you and your friend when they fund an account.

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 accounts that when added together have a constant daily balance of $25,000 for the entire month of June, Wealthfront will waive fees on the first $10,000 and charge a fee of $3.08 on the remaining $15,000 ($15,000 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 account.

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