Published On: Wed, Oct 15th, 2014

Jon Stein’s Betterment Develops “Robo-Adviser”




Betterment, a digital investment management firm, announced an automated “rob-adviser” for advisory firms. The service allows clients to simplify time consuming tasks such as rebalancing portfolios and tax-loss harvesting, as reported by Investment News. One of Betterment’s clients using the new service is Fidelity Institutional Wealth Services, among 25 others, said Betterment CEO Jon Stein.

The service provides client sign-up, reporting, billing software and fee collection. Advisers and their clients can both log on and view the data, simplifying communication. The fee for clients is 25 basis points with no upfront costs and no transaction fees. Stein pointed out that on the company’s site, there are 800 to 1, 000 clients signing up for demos. The aim is that advisers use technology to execute tasks so they can have more time to advise clients.

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