Company: WLTH
Filing Date: 2025-08-22
Form Type: DRS/A
Source: 0001628279-25-000564
Chunk: 186

Company: WEALTHFRONT CORP
Filing Date: 2025-08-22
Form: DRS/A
Chunk 186
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 satisfaction and trust, have contributed to a differentiated word-of-mouth growth engine rather than relying on less efficient marketing spend.

Wealthfront’s focus on long-term wealth accumulation resonates with clients who value a long-term investment horizon rather than short-term gains. Our commitment to financial education sets us apart, as we aim to equip our clients with financial best practices rather than encourage transactions. This fundamentally different approach is designed to encourage our clients to remain patient and minimize their active engagement on our platform. Clients are prompted to give their wealth time in the market, not to time the market, even in light of market volatility.

In addition to organic growth, we leverage referral programs that incentivize existing clients to introduce new users to our platform, further driving expansion. Over the past two fiscal years, over 50% of new clients were referred by existing clients, and from October 2022 through January 2025, 43% of our clients sent at least one referral. Our marketing expense was only 10% of our revenue in fiscal 2024 and 17% in fiscal 2025, placing us among the most cost-efficient consumer-focused financial platforms in the

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industry. We see significant potential for further client and asset growth as we expand our client acquisition efforts.

Our platform also actively encourages existing clients to explore and adopt additional Wealthfront products. As of January 31, 2025, clients holding 56% of platform assets had funded both a cash management and investment advisory account and 28% of our clients had funded both accounts, figures that we anticipate will continue to rise. We leverage data insights to tailor product recommendations to align with client needs, ensuring that our offerings remain relevant and appealing.

Our ecosystem of cash management and investment advisory accounts is built to work together seamlessly, offering convenience between accounts and the opportunity to grow savings with minimal effort.

As of July 31, 2025, our clients funded an average of 1.3 accounts. Our strong cross-product adoption exemplifies the versatility of employing client acquisition strategies to quickly adapt to new macroeconomic environments. For example, in strong macroeconomic environments with low interest rates, our investment advisory products have historically become more popular. In weak macroeconomic

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environments with higher interest rates, our cash management products have historically become more popular.

#### M&A and Expansion
We view mergers and acquisitions as another way to expand our platform and to find innovative, inorganic growth solutions that we can acquire and scale