Money management firm Wealthfront went public today, listing on the Nasdaq under the ticker “WLTH.” CEO David Fortunato states their target customers are not into speculative investing, with shares finishing close to the $14 IPO price. The company focuses on long-term investing rather than quick profits, catering to a specific market segment.

Wealthfront’s public debut comes amidst fierce competition to attract retail investors, facing off against fintech giants like Robinhood and SoFi. The company offers similar services such as stock trading, savings accounts, and lending, but emphasizes targeting clients interested in long-term investments. Wealthfront’s IPO implies a market value exceeding $2 billion.

Despite the rise of prediction markets and meme-stock investing, Wealthfront has found success among younger investors seeking low-cost, long-term investment opportunities. CEO David Fortunato emphasizes that their clients are not interested in speculative trading, aligning with the company’s ethos of long-term wealth accumulation. Wealthfront’s Chief Investment Officer is Burton Malkiel, author of “A Random Walk Down Wall Street.”

Wealthfront boasts over $88 billion in assets and over 1.3 million active users, with nearly 80% born after 1980. The company’s average client age is around 38 years old, resonating well with millennials, while also appealing to Gen Z. Revenue surpassed $175 million with net income exceeding $60 million in the six months ending July 31.

Priced at $14 per share, Wealthfront sold 21.5 million shares in its IPO, with some shareholders selling 13.1 million. Comparatively, Robinhood shares dipped while SoFi’s rose slightly. Wealthfront’s focus on long-term wealth building and catering to a younger investor demographic has positioned it favorably in the market.

Read more at Yahoo Finance: Wealthfront’s IPO Is Here. Its CEO Says Go-Go Speculators ‘Aren’t Our Clients’