Betterment For Advisors Review After 6 Months of Using It For Clients. Financial Advisor Growth Tips

Описание: Financial Advisors,
Here's our review of Betterment For Advisors After 6 Months of Using It For Clients.
-Dave Zoller, CFP®

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TRANSCRIPT
We've been using Betterment For Advisor now for over 6 months and we have a few new findings that we want to share with you.

I'll start off with the things that aren't working as well as we hoped and some of the negative things.But Then I'll also share when it works best and what we like about it. And if I haven't met you yet, I'm Dave Zoller, I own a wealth management firm with my biz partner Tim. I create these videos to help other advisors grow and run their firm. If you end up liking this video, then subscribe for more videos just for advisors.
So we initially signed up with Betterment so that we could have an offering to our client's kids or clients who are only looking for investment mgmt and not in need of the comprehensive planning we do for our wealth mgmt clients. We really wanted Betternemt so that we can allow a lot more people who are not our private wealth clients still get access to our investments and tax loss harvesting, diversification, asset location, and all the things betterment offers. Once the client is in at Betterment, they definitely get that.
This brings up the negative, which has to do with the process of getting the client into betterment. When we have a client or prospects who has a bunch of different accounts in different places. IRAs, Roth and a TOD, it takes quite a bit of effort and time to successfully roll over or transfer those accounts into Betterment. For each one we've done, there's quite a bit of back and forth with the client and betterment to ensure everything makes it over. In some cases, it takes over a month to move small accounts from one custodian into betterment.
There a few more negatives I want to share before I turn to the things we like about Betterment For Advisors.

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