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Robo-Adviser Wants to Lend You Money, Not Just Manage It

  • Wealthfront becomes first of its kind to enter lending arena
  • Clients will be able to borrow cash against their portfolios
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Now the robots are coming after more than your investment adviser.

Wealthfront Inc. said in a blog post Wednesday that it will offer loans, calling the move a first among robo-advisers, which are known for wealth management using automated investing platforms. By providing clearing and custody services with RBC Capital Markets LLC, clients with at least $100,000 in a taxable account can take out loans of as much as 30 percent of their account value, using their portfolios as collateral.