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Invest Well
Get $15,000 Managed For Free – http://wlth.fr/jeffr
Jeff Rosenberger, PhD @ R o s e n b e r g e r J e ff
w e a...
©2014 Wealthfront Inc.
2
Wealthfront Investment Talks
THESE DO NOT REPRESENT COMPANY ENDORSEMENTS
©2014 Wealthfront Inc.
SOURCE Source Title
3
Put First 

Things First
SET YOUR PRIORITIES
• Diversify your company stock!
...
©2014 Wealthfront Inc.
ExpectedReturn
Risk
Cash
4
Every Portfolio Has An

Expected Return
BUT ALSO RISK!
Mix of Stocks
& B...
©2014 Wealthfront Inc.
5
Putting The

Pieces Together
INVESTING WELL
HOW DO YOU
• Construct the Efficient Frontier!
• Asses...
©2014 Wealthfront Inc.
6
Asset Allocation Is

The Starting Point
SOURCES OF RETURN
SOURCES Brinson et al (1986 & 1991), Ib...
©2014 Wealthfront Inc.
7
Which Are The Best

To Include?
CHOOSING ASSET CLASSES
Experts
Recommend
US Stocks
Foreign Stocks...
©2014 Wealthfront Inc.
8
The Value Of Greater

Diversification
CHOOSING ASSET CLASSES
US Stocks Foreign Stocks Emerging Mar...
©2014 Wealthfront Inc.
9
Value Of Diversifying Assets
CHOOSING ASSET CLASSES
Efficient Frontiers
SOURCES Wealthfront estima...
©2014 Wealthfront Inc.
10
Mutual Funds

Underperform Index Funds
REPRESENTING THE ASSET CLASSES
SOURCES Amott et al., Jour...
©2014 Wealthfront Inc.
11
We Recommend

Exchange-Traded Funds
REPRESENTING THE ASSET CLASSES
LOOK FOR INDEX ETFs WITH…
• L...
©2014 Wealthfront Inc.
12
Vanguard Has Many

Of The Best ETFs
OPTIMIZING THE MIX
Our ETF
Recommendations
VTI!
US Stocks
VE...
©2014 Wealthfront Inc.
13
Allocations For Every

Risk Level
ASSESSING YOUR RISK PROFILE
SOURCE Wealthfront.com
US Stocks F...
©2014 Wealthfront Inc.
14
Two Measures

Of Risk
ASSESSING YOUR RISK PROFILE
SOURCES Vanguard.com and smartmoney.com
Object...
©2014 Wealthfront Inc.
ExpectedReturn
Risk
15
Rebalancing is Key
MANAGING YOUR PORTFOLIO OVER TIME
Value of Investments
Ch...
©2014 Wealthfront Inc.
16
Rebalancing

Considerations
MANAGING YOUR PORTFOLIO OVER TIME
Keep In Mind
Changes In Your Risk ...
©2014 Wealthfront Inc.
17
Allocate Differently For Your

Taxable Assets…
BE THOUGHTFUL ABOUT TAXES
SOURCE Wealthfront.com
U...
©2014 Wealthfront Inc.
18
…Versus Your IRA & 401k
BE THOUGHTFUL ABOUT TAXES
SOURCE Wealthfront.com
US Stocks Foreign Stock...
©2014 Wealthfront Inc.
19
The results shown here are hypothetical from a
volatile year (2011) and are not based on actual
...
©2014 Wealthfront Inc.
20
Recap
*Consult your tax advisor to determine whether tax-loss harvesting is right for you.
The r...
©2014 Wealthfront Inc.
21
More Reading
A Random Walk Down Wall Street

Burton Malkiel!
!
!
!
The Elements of Investing

Bu...
©2014 Wealthfront Inc.
22
Disclosures
Nothing in this presentation should be construed as a solicitation or
offer, or recom...
Questions
Get $15,000 Managed For Free – http://wlth.fr/jeffr
Jeff Rosenberger, PhD @ R o s e n b e r g e r J e ff
w e a l...
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©2014 Wealthfront Inc. 22 Disclosures How to Invest Well

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©2014 Wealthfront Inc.
22
Disclosures
Nothing in this presentation should be construed as a solicitation or
offer, or recommendation, to buy or sell any security. Financial
advisory services are only provided to investors who become
Wealthfront clients pursuant to a written agreement, which investors
are urged to read and carefully consider in determining whether such
agreement is suitable for their individual facts and circumstances.
Past performance is no guarantee of future results, and any
hypothetical returns, expected returns, or probability projections may
not reflect actual future performance.  Investors should review
Wealthfront’s website for additional information about advisory
services. 

ASSET CLASS RETURNS

Wealthfront used the following for its calculations: US Bonds
(Barclays Capital US Aggregate Bond Index), Foreign Stocks (MSCI
EAFE Total Return Index), Emerging Markets (MSCI Emerging
Markets Total Return Index), Real Estate (NAREIT North America
Index), Natural Resources (DJ-UBS Commodity Index Total Return
Index). Wealthfront presents the information going back to 1987,
which is the earliest date that necessary data is available for all six of
the asset classes being used.

TAX-LOSS HARVESTING

The tax-loss harvesting analysis on slide 19 presents hypothetical
results for tax-loss harvesting in a volatile year like 2011. The
example assumes $100,000 investment on January 1st, 2011 and the
opportunity to harvest losses on December 15, 2011. Past
performance is no guarantee of future results, and any hypothetical
returns, expected returns, or probability projections may not reflect
actual future performance. Consult your tax advisor to determine
whether tax-loss harvesting is right for you.

Disclosures
ESTIMATED BENEFITS

The performance checklist on slide 20 compares the estimated time-
weighted returns of a Wealthfront investment with the returns
experienced by an average 20-year US Mutual Fund investor as
described by DALBAR.

The amounts are obtained by adding the projected additional rates of
return from various Wealthfront investment features (as described
here) to the average US Mutual Fund investor return from DALBAR
(3.17%/year) and compounding the result on an annual basis over 20
years. It is intended to highlight the possible differences in earnings if
you use Wealthfront’s investment approach rather than the approach
applied by the typical US Mutual Fund investor and where your
earnings are reinvested over a 20-year period.

It is not intended to predict portfolio earnings or performance, nor is it
a guarantee of future performance or earnings. Actual investors on
Wealthfront may experience different results from the results shown.
The performance checklist does not represent the results of actual
trading using client assets. See Full Disclosure at wealthfront.com.

LOW-COST ETFS VS. MUTUAL FUNDS

Arnott, Robert D., Andrew Berkin, and Jia Ye. 2000. “How Well Have
Taxable Investors Been Served in the 1980s and 1990s?”

OPTIMIZED TAX-AWARE ALLOCATION

Wealthfront performed simulations that measured the difference in
average annual return attributable to owning a taxable portfolio
consisting of seven asset classes to a portfolio consisting of three
asset classes assuming the same risk tolerance for the two portfolios
for the period 1987-2010.

The three-asset-class portfolio consisted of US Stocks, US Bonds
and International Stocks. Wealthfront’s seven-asset-class portfolio
included US Stocks, Foreign Developed Stocks, Emerging Market
Stocks, Dividend Growth Stocks, Municipal Bonds, TIPS and Natural
Resources. Annual rebalancing was assumed. While the data used for
this comparison and the optimal allocation comparison are from
sources that Wealthfront believes are reliable, these comparisons
represent Wealthfront’s opinion only.

AUTOMATIC REBALANCING

Swensen, David, Unconventional Success, 2005, pp. 195-96.

TAX-LOSS HARVESTING

We simulated the potential after-tax benefit of our tax-loss harvesting
and found that it added an average of at least 1.13% annually, net of
commissions. The results are hypothetical only and should not be
relied upon for predicting future performance. See our tax-loss
harvesting white paper for more details. Wealthfront’s tax-loss
harvesting strategy is available only to portfolios with $100,000 in a
taxable account.

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