The US stock market bull run is fueling performance growth within the robo-advisory industry. On January 12, Wealthfront Corp., the first publicly listed robo-advisor, reported its quarterly earnings for the period ending October 31, revealing a net profit of $30.9 million, a 3% year-over-year increase; revenue reached a record $93.2 million, up 16% compared to the same period last year. The total assets on the platform of this Palo Alto, California-based wealth management company grew 21% year-over-year to $92.8 billion. The company's CEO, David Fortunato, stated that in a dynamic macroeconomic environment, its core business continued to drive platform assets to a record high at quarter-end. This quarter saw the highest net transfers from cash management accounts to investment advisory accounts in the company's history. By the end of the quarter, Wealthfront served 1.38 million funded clients, a 20% increase from the previous year. The total platform assets of $92.8 billion encompass both its investment advisory and cash management businesses. This performance reflects a clear trend in the bullish market environment: rising investor risk appetite and a significant flow of funds from savings accounts into stock investment accounts. Wealthfront completed its IPO last month, becoming the first publicly traded robo-advisory platform. The cash management business faces challenges. Despite the rise in total assets, net deposit inflows for the quarter were $1.6 billion, lower than the $4.4 billion recorded in the same period last year. Wealthfront's cash management service has been a key growth driver in recent years, currently offering new clients a 3.9% annual percentage yield. Since this business contributes significantly to revenue, the company is relatively sensitive to interest rate fluctuations. Analysts note that while lower rates could diminish the appeal of cash products, they might also encourage clients to redeploy funds into automated investment accounts. However, the company is actively pursuing product diversification to capture a wealthy and digitally-savvy clientele. Beyond expanding its tax-loss harvesting service, Wealthfront recently began rolling out mortgage services in states like Colorado. Fortunato said during the earnings call that the company aims to win market share through competitive rates and a seamless digital experience, expressing confidence in its ability to capture substantial business volume over time. Following the earnings report, Wealthfront's stock price declined nearly 2%.