Investment management firm Wealthfront continues to find itself in deep with Facebook, at least when it comes to its talent. Wealthfront has announced it has named Mike Schroepfer, the chief technology officer for the social networking company, to its board, where he will likely play a big part in advising on how to scale Wealthfront moving forward.
“Many companies in the financial services industry believe software is simply a tool that can be purchased with a large enough checkbook,” Wealthfront chief executive Adam Nash wrote in a blog post. “We believe there is huge value in having a technology culture built more like Facebook than like Merrill Lynch. As a result, we want to ensure that we have access to the best technology talent at every level of the organization, from our software engineers all the way to our Board of Directors.”
Besides the addition of “Schrep,” as the Facebook CTO is affectionately known by his friends and colleagues, Wealthfront has hired several former executives from Facebook, including Kate Aronowitz, who led design; Ali Rosenthal, who handled partnerships; and Andy Johns, who oversaw growth.
Wealthfront’s platform lets clients build and manage their diverse investment portfolio without needing to go through a traditional bank or private wealth manager. The company is built on the idea that “everyone deserves sophisticated investment advice.” A spokesperson told VentureBeat that the company is now managing “nearly $3 billion” in client assets.