Millennials love Silicon Valley — and now Silicon Valley hopes the twentysomethings will start to love saving money, too.
WealthFront, a California investment advisory firm, secured a $64 million investment from venture capital firm Spark Capital Growth, the company announced on Tuesday.
WealthFront, which has more than 17,000 clients and tops $1.5 billion in assets, is focusing on attracting millennial investors early — and to keep them in-house through retirement.
"Millennials, which is a huge generation of Americans, really want a different type of investment service than their parents did," WealthFront's chief executive officer Adam Nash told The Post. "They're very skeptical of this idea that you can beat the market and avoid the downturns."
The company automates the investment process as much as possible to keep fees down, he said, and there are no fees for accounts under $10,000.
While Nash, 39, isn't himself part of the generation he's marketing to, he said he's banking on the model pioneered by companies like Charles Schwab, which cater to retiring baby boomers.
While millennials, which are people born roughly between 1981 and 2000, have been hit by the financial crisis, they'll control roughly $7 trillion in assets by around 2018, Nash said.
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