Betterment, the largest independent digital financial advisor, announced that Betterment for Advisors, its RIA custody division, is adding thousands of mutual funds to its custom portfolio construction menu for the first time.
This launch coincides with the 100th anniversary of the mutual fund and provides advisors more control in “meeting growing client demand for personalization in portfolio construction.”
Tom Moore, head of Betterment for Advisors, said:
“Betterment for Advisors is laser-focused on delivering a holistic platform that includes flexible portfolio options for RIAs across retirement and wealth. Adding mutual funds has long been advisors’ top request, and we are thrilled to be able to offer this capability.”
Roughly $20 trillion in assets are held in mutual funds “in the United States today, according to Federal Reserve Statistics. Offering advisors a custodial platform that can manage those funds for clients is essential.”
Derek Tharp, Founder of Conscious Capital, said:
“I have enjoyed the ease of use and powerful capabilities of Betterment for Advisors since I started working with them, but I appreciate even more that the team continues to enhance the offerings and improve the advisor experience. I love that the addition of mutual funds into their custom portfolios solution allows me to use the full suite of features with even more of my clients.”
With this update financial advisors “can now combine mutual funds and ETFs in their custom models on the Betterment for Advisors platform. Options include funds from such firms as Vanguard, PIMCO, T. Rowe Price, and Fidelity with many more to be added in the coming weeks.”
This announcement is the first of many additions “to the Betterment for Advisors platform in 2024 and comes on the heels of several updates in 2023 including an integrated suite of tax efficient tools that provide financial advisors with granular control over how client assets are managed, transferred, and sold, as well as updated digital client onboarding capabilities.”
As noted in the update, Betterment for Advisors is “a future forward RIA custodian for planning-focused advisors and their growing firms.”
By combining their technology with “an advisor’s personal touch, we are reimagining what’s possible in wealth management.”
Their automated, tax-efficient portfolio management, paperless back office, and intuitive user experience enables advisors to efficiently “scale their businesses and focus their time on building deeper customer relationships.”
Hundreds of firms trust Betterment for Advisors to custody and manage client assets.