Welcome to Financial Advisor IQ

How Betterment is Moving Further onto the Advisor's Turf

By Alex Padalka September 11, 2018

Robo-advice pioneer Betterment is piloting a new program aimed at expanding more traditional financial advice to its clients delivered by “licensed financial experts,” according to a press release from the firm.

For a one-time fee ranging from $150 to $500, Betterment clients will be able to get a personalized financial plan, educational content tailored to a specific financial goal or life event, and access to licensed financial experts, the firm says.

The packages range from a “getting started” option, which would connect them with a professional to verify that their accounts are set up correctly, to a “retirement planning” package, for those who want to check whether they’re on track saving for retirement, according to the press release.

Betterment does not specify who these “licensed financial experts” would be, but last year the firm began offering personalized advice through a team that includes certified financial planners and “licensed financial experts” for an additional asset-based fee.

“When speaking with [customers] I’ve found that financial planning questions most often come up around major life events such as marriage, saving for college and retirement. We’re excited to offer these packages to all of our customers regardless of balance,” Nick Holeman, a senior financial planner at Betterment with a Certified Financial Planner designation, says in the press release from the firm. “There is clear value that comes with providing access to quality advice at a low, fixed cost."