On strength of $1.4 billion of AUM and 90 RIA clients, Betterment raises $60 million of VC funding as it looks to disrupt RIA custody
The New York City-based robo added $1 billion in 11 months and (sources say) has bigtime RIAs contemplating it as a primary platform, CEO Jon Stein says
Related Moves
Jon Stein ousts himself as Betterment CEO and taps Sarah Levy, who joins an exclusive club of top women executives, with a mission -- an IPO
The co-founder of the New York robo-advisor headhunted the ex-Viacom brass through Harvard professors on the down low to ostensibly scale operations.
December 8, 2020 at 5:27 PM
Alan Moore is the No. 2 busiest man in the RIA business and he just convinced the No. 1 busiest man to budget $200,000 to hire a 'rockstar' to replace him
Alan Moore is CEO of both XY Planning Network and AdvicePay -- and he has three young kids; Michael Kitces agreed to let him hire a full-time replacement CEO for AdvicePay -- with some giant reqirements for the new exec.
February 14, 2023 at 3:15 AM
Five RIA Doubletakes: An RIA-only law firm breaks away • Kitces launches picker of 'best of breed' RIA software bundles • Vanguard targets 2070 just as media targets TDFs • SEC fishing for RegBI Scofflaws, including RIAs • CFP appoints first African-American chair
RIA Lawyers will reject RIA custodians• Kitces Nascar montage is now interactive and helpful • Vanguard's super long TDF draws critics• SEC supply lines are stretched with new battle front • Kamila Elliot is ex-DFA, diverse and calling CFP shots
January 12, 2022 at 3:13 AM
Second Betterment exec departs as new CEO Sarah Levy orients to her first month on the job and is confronted by personnel matters
Chief operating officer Dustin Lucien is the latest to leave the New York City robo-advisor, one of at least eight positions open as it prepares a push across multiple business lines to ignite growth.
January 19, 2021 at 6:32 PM
See more related moves
Fidelity
Asset Manager for RIAs
Top Executive: Sanjiv Mirchandani
Kitces.com
Consulting Firm
Top Executive: Michael Kitces
Betterment, LLC
Financial Planning Software
Top Executive: Jon Stein
Bill Winterberg
“How much should I be saving in my IRA versus my 401(k)? Am I saving enough relative to my goals? We want to give that peace of mind in five minutes. That’s not an easy task,” says Stein.
WARNING: financial planning algorithms ahead. Proceed with caution.
Nevertheless, congratulations Jon and the Betterment team and keep doing what you’ve been doing.
Mike
Congrats to Jon and the Betterment team on a fantastic win for fintech in NYC. I think you have it right Brooke, Motif and Betterment in a few years will be major players in the RIA custody space. More and more they are more of a TAMP than anything. This will open up the market for the Robo 2.0 players:
https://www.hedgeable.com/blog/2014/12/we-dont-need-robots-introducing-the-digital-wealth-manager-2-0/
