A Palo Alto, Calif.-based automated asset manager has embedded itself in one of the great fortresses of new wealth on the planet — Google Inc.
Wealthfront Inc. will supply the employees of the Mountain View, Calif.-based search engine giant with free financial management for non-401(k) assets for employees with balances of less than $100,000.
Google has more than 47,000 employees. An average Google software engineer reports a salary of $119,000, and a product manager earns $138,000, Glassdoor data shows. That means payroll at Google exceeds $50 billion. See: Why big RIAs are taking a risk on Wealthfront.
Google’s 401(k) plan has 30,000 total participants with assets of $2,440,000,000 or an average account balance of $86,000, according to BrightScope Inc..