Press Release

Betterment for Advisors Changes Name to Betterment Advisor Solutions, Reflecting Expanded Functionality

Issued by Betterment at Work

Sept. 15, 2024

Custodian also launches inaugural survey of Independent RIAs

NEW YORK -- Betterment, the largest independent digital financial advisor, today announced that Betterment for Advisors, its RIA custody division, has changed its name to Betterment Advisor Solutions to better reflect the breadth of products and services it offers. Betterment Advisor Solutions now includes expanded portfolio management capabilities, high-yield cash offerings, and an open architecture bundled retirement plan product. The brand refresh accompanies the release of an independent RIA survey that reveals industry trends including how technology is powering improved outcomes for clients of the next generation of financial advisors.

The first annual Betterment Advisor Solutions Survey focuses specifically on the rising generation of RIAs. The survey, which tracked data from 500 independent U.S. advisors with $10 million to $250 million in AUM, found that advisors are optimistic about the future, with AUM increasing, tech solutions giving them time with clients, and new offerings in the retirement space providing them multiple revenue opportunities.

Other findings include:

• Nearly three quarters of advisors surveyed are Millennials, which aligns with the growing needs of Millennial investors who are quickly becoming high-value clients.
• AI and technology are widespread. Four out of five advisors use AI in some capacity, and among those who don't, 64% intend to.
• Tech allows advisors to offer better client experiences. 43% of advisors said that with more time, they would spend more hours on financial planning and meeting with current clients.
• Retirement is critical, not optional, business. More than 80% of advisors are managing 401(k) plans, and of those who aren't, the majority intend to.

"We are thrilled to embark on this new chapter as Betterment Advisor Solutions," said Sarah Levy, CEO of Betterment. "Our rebrand is more than just a name change; it's a reflection of our dedication to providing wealth and retirement solutions that meet the evolving needs of our advisors. Our commitment to continuous improvement for the next generation of independent advisors includes both superior technology and a personalized, supportive service model."

You can learn more about Betterment Advisor Solutions here.

About Betterment Advisor Solutions: Betterment Advisor Solutions is the leading, all-in-one custodial platform for independent RIAs. We combine an end-to-end custodian with an automated back office, robust portfolio management software, and high-touch support to power advisor businesses, helping them streamline operations and serve more clients, more efficiently, across cash, investing, and 401(k)s.

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