Wealthfront Corporation reported record month-end platform assets of $99.1 billion in June, with investment advisory inflows driving the month, while cash management balances declined.
The company published its monthly metrics on Tuesday. Total platform assets were up 15% year over year but roughly flat from May. Total net deposits came in at $164 million, down from $447 million in May.
The product mix showed the shift. Investment Advisory assets reached $54.3 billion, up 33% year over year, while Cash Management assets fell to $44.8 billion, down 2% year over year. On the deposit side, advisory brought in $399 million while cash management posted negative $235 million.
“Total Platform Assets reached another month-end record at the end of June at $99.1 billion due to Investment Advisory Net Deposits,” said David Fortunato, CEO of Wealthfront Corporation.
Funded clients rose to 1.49 million, up 15% year over year and 1% from May. Wealthfront said asset-weighted cross-product adoption reached over 63% at June-end, driven by transfers into investment advisory accounts.
The reported metrics are unaudited and preliminary, the company said.
