Q: What does Addepar do? How is it different from Wealthfront and other new wealth management startups?
A: I shouldn’t speak directly for Wealthfront and Personal Capital and other great wealth management companies, but they seem to have started to compete with low-level RIAs (registered investment advisors) or else to farm off some of their work into a smarter, low-fee passive investment strategy. It is clear the industry is going to and should shift this way and I support what they are doing for the most part.