Independent online investment advisor Betterment said the release of its new product heralds the company’s move to a multi-plan advice offering which includes access to CFP professionals and licensed financial experts.
Betterment now has three services. Betterment Digital offers tax-efficient algorithms and digital advice. Betterment Plus provides an annual call from a team of CFP professionals who monitor users accounts throughout the year. Betterment Premium comes with unlimited access to the team of CFP professionals and licensed financial experts who monitor accounts and provide planning services and advice throughout the year.
Investors desiring a full-time dedicated financial advisor can be referred to an RIA who uses the Betterment for Advisors platform to manage investments via a recently announced Advisor Network.
Fees are 0.25 per cent for the Digital plan, 0.40 per cent for the Plus (minimum $100,000 balance required ), and 0.50 per cent for Premium (minimum $250,000 balance required). Fees are waived on assets above $2 million.
“I joined Betterment because it was a chance to help get financial advice in the hands of millions of Americans,” Betterment VP of financial advice and investing Alex Benke said. “Our vision is to be your one-stop shop for financial advice, available in whatever form or frequency you require, and always in your best interest, as a fiduciary.”
Betterment manages more than $7 billion of assets for more than 210,000 customers and offers a globally diversified portfolio of index-tracking ETFs with personalized advice in a goal-based investing framework.