As you may already know, Betterment is a wonderful, modern, inexpensive robo-advisor that invests your money for you. It’s a website/app that uses a series of algorithms to invest your money in a portfolio of index funds (thousands of different stocks) based on your age, income, risk tolerance, etc.
By using Betterment, you forgo the poor returns and excessive fees of betting on individual stocks and “set it and forget it,” getting on with your life while you become wealthier and safer in the background. In just six years, Betterment has grown to help more than 200,000 people invest wisely!
So, for 2017 Betterment is updating a little bit to make their services safer and more desirable!
- Beginning January of 2017, Betterment is offering one month with no advising fees for accounts with a $10,000 (or larger) initial deposit. That’s not as good as the current offer for individuals who make large initial deposits. That being said, Betterment keeps their services so cheap that a free month or even year is nothing compared to the benefits their style of investing brings!
Betterment’s current fees are: 0.35%/year for accounts worth less than $10,000 (or $3/month if there is no recurring deposit of at least $100); 0.25%/year for accounts worth less than $100,000; 0.15%/year for accounts worth $100,000 or more.
2. Betterment is adding two-factor authentication to its accounts, making them much safer, even if a password has been stolen. Customers will be asked to enter a unique verification code from either a mobile authenticator app, such as Authy or Google Authenticator, or a text that Betterment sends them each time they log in.
3. Finally, customers can set up “app passwords” to allow personal finance applications, such as Mint or TurboTax, to view their financial information without giving them the ability to make any changes to their Betterment account.