Betterment (investment service)
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| Private | |
| Industry | Investment services |
| Founded | 2008 |
| Founder | |
| Headquarters | New York City, New York, United States |
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Key people
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| Products | Financial services, asset management, portfolio management, trust services |
| AUM | $9 billion |
| Parent | Betterment Holdings, Inc. |
| Divisions |
Betterment for Business Betterment for Advisors |
| Website | www |
Betterment for Business
Betterment is an online investment company based in New York City, registered with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority (FINRA). Also known as Betterment.com, Betterment is a registered investment advisor (RIA)—the largest online investment advisor in the U.S.—and a broker-dealer. With both functions, The company provides personalized financial advice and automated investment management, investment execution, tax optimization, custodianship, and record-keeping. Betterment has a subsidiary 401(k) plan business Betterment for Business, and Betterment for Advisors, a management platform for registered investment advisors.
The company is an automated, goal-based investing service. Betterment invests in a portfolio of passive index-tracking and fixed income exchange-traded funds (ETFs) and offers both taxable and tax-advantaged investment accounts, including traditional and Roth individual retirement accounts (IRAs). The company's personalized financial advice uses principles-based robo-advisor technologies such as computer algorithms. Licensed financial advisors provide over-the-phone consultations to customers who opt for additional support. Betterment's primary retail platform offers individual retirement accounts, trusts, taxable investment accounts, and tax-coordinated asset location services.
In 2013 Christopher Mims of Quartz called Betterment the "Apple of finance." Considered a growth-stage startup, the company is headquartered in New York City, and has received funding from Menlo Ventures, Bessemer Venture Partners, Globespan Capital Partners, Citi Ventures, Francisco Partners, Kinnevik AB, and Anthemis Group.
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