As a broker-dealer, they are subject to more regulations but will likely have greater access to financial markets. As an RIA, they only manage investments, do not sell securities, and are therefore subject to fewer regulations. Interestingly, Betterment is both a broker-dealer and a Registered Investment Advisor (RIA). Free one-way transfers and free direct deposits are available for the Betterment Youth Savings Plan. On the back end, there is a built-in education system, the Betterment service platform, that reduces the number of customer support hours that Betterment needs to provide.īetterment has no account minimums, no account fees, and no product commissions. On the customer-facing side, clients use web or mobile apps to view their accounts, make changes, and engage with Betterment. In 2017, Betterment added a Youth Savings Plan that allows parents and custodians to open a savings account on behalf of their minor children.īetterment achieves its low-cost structure by using technology to streamline the investment process. Unlike other robo-advisors, they only manage investments for taxable accounts.
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