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A company that got its start helping nouveau-riche tech twentysomethings figure out what to do with their stock-option millions doesn't seem the most likely champion of populist outrage. But that's the latest gambit from Wealthfront CEO Adam Nash, who railed against fees charged by both traditional banks and financial services startups in a post announcing his company's new $500 minimum for opening an account with the automated investment service.
That's down from the $5,000 minimum Wealthfront used to require, which sounds like a big break for the little guy. But Wealthfront is also facing intensifying competition as old-school brokers like Charles Schwab launch their own robo-portfolio advisers. Lowering prices isn't exactly a revolutionary idea. But in business, it's a time-honored way to fight the power.
