This takes away a good bit of your flexibility, since your money can only be invested in what the company owns, i.e. its own proprietary mutual funds. (wisestockbuyer.com)
This may be the case if the investments are specific to that institution, like proprietary mutual funds, for example. (moneysense.ca)
One thing to consider: In February 2018, Wealthfront added a new, proprietary mutual fund called the Wealthfront Risk Parity Fund. (nerdwallet.com)