Tag: CFP

Posted on December 4, 2019

Betterment is Ranked #1 for First-Time Investors

Betterment is Ranked #3 for Digital Financial Planning


Overview: 

First launched in 2010, Betterment is one of the original robo advisors.  They have raised a total of $250 million in venture funding and have grown to be one of the leading digital advice providers. In their most recent annual disclosure, Betterment reports over $16B in assets under management (AUM) on their platform and services nearly 420,000 clients.  With no investment minimum and a 0.25% management fee, Betterment’s digital-only product is a strong choice for investors. They also offer various financial-planning packages that provide personal consultations with a financial planner on an as-needed basis, so that users only have to pay for personalized professional help as they see fit.  They offer a tiered service model, which allows investors to upgrade as their needs grow. Recently, Betterment has introduced a high-yield savings account to their platform and has announced plans to offer checking accounts in the near future.

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Posted on October 1, 2019

Winner: Vanguard Personal Advisor Services
Runner-Up: Personal Capital
Honorable Mentions: Ellevest & Wealthsimple

Digital-only platforms currently lack the high degree of sophistication and customization needed for complex financial planning.  Therefore, investors looking for more personalized advice and tailored portfolio allocations still need to work with live advisors.  In order to justify the level of customization being offered, such services typically have higher investment minimums than digital-only products.

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Posted on September 10, 2019

Winner: Fidelity Go

Runner-Up: Vanguard

Fidelity Go, followed by Vanguard, are the Best Robos from an Incumbent Financial Institution. While our analysis indicates that independent robo advice providers offer the most robust online platforms, Fidelity and Vanguard leverage their institutional might to offer a high-quality service based on proprietary funds for those who would rather entrust their money to larger, more established institutions.

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Posted on September 8, 2019

Winner: Wealthfront
Runner-Up: Personal Capital
Honorable Mention: Betterment

The best digital planning experiences continue to be offered by independent robo advisors.  Wealthfront and Personal Capital stand above their peers by offering robust planning tools to clients and prospective clients alike.  Both of these tools can handle complex, multi-goal plans that show users the interaction of all their goals in a single unified plan. These free digital planners also leverage automated account aggregation and provide users with a comprehensive view of their financial picture, regardless of where their assets are held.  

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Posted on May 23, 2019

Cash management products spread across direct-to-consumer fintech platforms

The digital advice industry continues to evolve in 2019. Cash management apps, linked debit cards, and high-yield savings accounts are sweeping across direct-to-consumer fintech companies. Wealthfront announced their high-yield savings account this quarter, following Betterment’s cash management program announcement late last year.  Meanwhile, Robinhood released their high interest account last December, although it was quickly shelved after regulagatory pushback.

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