Advisor Resources | Betterment for Advisors | Alexander Choi | Director of B4A Strategy & Operations, Betterment

Betterment for Advisors Case Study Q&A: How AdvicePeriod creates space and time to better serve clients

Betterment for Advisors Case Study Q&A: How AdvicePeriod creates space and time to better serve clients We recently sat down with Steve Lockshin, Founder of AdvicePeriod, to hear more about his firm and his perspectives on the benefits of working with Betterment for Advisors. AdvicePeriod is dedicated to focusing clients on the important decisions necessary to manage their wealth. With billions of dollars under management, the firm has repeatedly been recognized as one of the best places to work. In 2019 AdvicePeriod was named "Thought Leader of the Year" and in 2020 Steve Lockshin was named “Innovator of the Year” by WealthManagement.com. We recently sat down with Steve Lockshin, Founder of AdvicePeriod, to hear more about his firm and his perspectives on the benefits of working with Betterment for Advisors. Could you give us a little summary of AdvicePeriod? We're an RIA that believes most investments are a commodity and what matters most is planning and taxes. Our focus is on tangible results and leveraging technology. What have been some of the biggest hurdles or challenges that your firm has faced? I think it always comes down to people: getting the right people in the right seats. At the end of the day, this is still a service business. What are the key traits you look for in partner firms? Our partners are not firms but individual advisors at firms that often aren’t keeping up with technology or who don’t believe in active investing anymore. But the number one trait is they believe what we believe. They opt into our philosophy that investing is becoming more commoditized, with planning and taxes being more important. And then culturally, it’s important that they're a fit. How have you been able to use technology to help streamline your operations? For clients where Betterment fits, it’s super simple: account opening is simple, all the rebalancing is done, the tax loss harvesting is done. Opening an account takes less than two minutes at Betterment, so that really minimizes the intake process. At other firms, account opening can take 20 minutes. The workflow hasn't changed, largely because custodians remain the weakest link in the chain. It's still paper. It's still, “You need these forms for this account and these forms for this account. Oh, we gave you the wrong answer. You have to redo the forms.” Some will allow electronic signatures, some won't. It's just a nightmare trying to figure out how to open accounts. Why were you early adopters of Betterment’s platform? It's because we saw the ability to create time. In fact, as one of my good friends always says: “In sports, when you're on offense, you're supposed to create space and when you're on defense, you reduce space.” And if we're theoretically on offense, trying to grow our business and help more people, then creating time and creating space is of tremendous value. And that's what the platform did for us. I think that the tax loss harvesting feature is capable of being a big benefit to our clients. I’m still amazed at how few people understand the benefits of tax-loss harvesting. I show clients how they didn't just get the stated investment return. A client could get an additional 50-100 basis points per year from tax loss harvesting. I think it's also important in a rapidly changing environment that advisors remain on the cutting edge. Utilizing a more forward-thinking company like Betterment that is constantly deploying new technology to improve the client and advisor experience is extremely valuable. For which kinds of clients is a platform like Betterment a good fit? For us it’s a good fit where estate planning is not a key focus. It's typically super easy for smaller accounts, but there’s no size limitation. I think our largest account on the Betterment platform is $40 million, so it works just fine for large accounts where we don't have estate planning complexity. How have you helped advisors you partner with get over any skepticism they might have about Betterment? The biggest issues are inertia and the fear of being marginalized. But advisors who are open to new technology and who are looking for efficiencies have no problem. Betterment is all about simplicity and creating time that the advisor can use more productively for the benefit of clients. Advisors have to have confidence in what they’re doing and believe that they’re adding value in different ways. I often use a gym analogy. Clients can get in shape on their own for cheap. But if they want a personal trainer, they know it’s going to cost more. That's similar to our role as advisors, and we shouldn’t feel defensive about trying to justify that. Have you ever had a client leave your firm to do it themselves on Betterment retail? Never, not one. It's actually been the opposite. People will say, “Oh, I have a Betterment account, can I move it over to you guys so you can oversee it?” So we've had a lot of Betterment retail accounts come on to AdvicePeriod, but we haven't seen it the other way around. Besides Betterment, what other technologies are you using that others may not be? I remain amazed at how many firms deploy portfolio management systems and performance measurement systems and still crank out PDF reports when they can just give the client a portal. We’ve organized all of the important documents and give clients 24/7, transparent access to everything so they can see what’s happened over time from both the planning and portfolio perspectives. Our rollout of Vanilla is a big tech change. Even someone like me, who's super planning focused, had overlooked some very important aspects to being fully prepared with things like healthcare and financial powers for my adult children. Are you seeing an uptick in ESG or SRI requests from clients? No, but I did read one of the big reports that basically said that something like 60% of people are asking about ESG right now. But we’re not seeing it. And the challenge I have with ESG is it reduces predictability because you increase tracking error. So I've always encouraged people to take the extra money they earn from their high confidence of having a properly allocated portfolio and apply it directly to the charities you care about. But we'll see where things go. There's certainly more social awareness today than there was five years ago. Are there any specific areas that you think custodians should be focusing on for the next few years? People should be able to move their accounts like they change their cell phone numbers. So I'd love to see custodians do that. Also: access to data. But instead of opening up data access, they're starting to close it down again. Ease of account opening. I mean, Betterment's been around since 2010 for retail customers, so online account opening in less than two minutes has been around for some time. We're going on the 10th anniversary of being able to open your accounts online and the major custodians still can't do it. So is it that they can't or they won't or both? One last question: any pearls of wisdom for new advisors who are just starting out? There’s an old saying in counseling that “you can't be a guide to a place you've never been.” So I would tell everyone to open an account with your own money—not just $10 that you ignore, but enough money so that you pay attention to it. If you're not using the system yourself, then it's hard to say it's good or bad. Don't be afraid that engaging a platform like Betterment may lose you clients. Find things that make you look better and do a better job for the client. And if you're not using tax loss harvesting in your practice, you're not doing the best job you can for your taxable clients. Disclaimer: This case study was conducted as a Q&A in 2020 and is not reflective of all client experience, which may vary depending on individual circumstances not considered herein, and may not apply to all clients, as past experience is not indicative of future or similar outcomes.

Using Technology when Working from Home

Using Technology when Working from Home If your organization has implemented or is preparing to implement work from home (WFH) policies, technology can help you maintain close relationships with your clients and colleagues. Here are a few suggestions for how to keep your business on track. Get comfortable with video chat. Since face-to-face meetings may be put on hold for a while, video conferencing can be a great solution. Whichever software you choose, be sure to test it before using it with a client, and know that you may need to invest a few minutes at the start of every meeting getting clients comfortable with the technology. Keep your appointments (even with prospects). Especially given all that’s going on in the markets, clients need to know they can count on their advisor. Reach out well in advance of upcoming meetings to let them know that your organization has implemented WFH policy and provide the dial in information (preferably with video chat). Don’t hide behind a blank screen. Even if your clients choose to have their camera turned off, yours should always be on so they can see your body language, know that you’re not distracted, and see your passion and commitment. Match the communication format to the issue. For unscheduled conversations, consider the best communication format based on factors such as the sense of urgency or the complexity of the topic. Long email chains can be frustrating for everyone involved. Picking up the phone is often the speediest course of action, and having a video component can be helpful. Make your presence known in group meetings. In group meetings, be sure you remain present and are actively listening to the discussion. Participating in meetings via video helps ensure you remain focused, allows you to raise your hand if you have a question, and helps others know you are engaged. Create an environment at home that is conducive to work. Try to set up a quiet, dedicated workspace and consider how you'll take calls. Keep to your normal business schedule as much as possible. Shower, get dressed, and take a short walk to “commute” to the office before settling in for the day. Minimize distractions. Distractions can be a major issue, so be ready to make adjustments to avoid them. If you have others in the house, talk about 'office etiquette' including when it is appropriate to interrupt, what it means when you have headphones on, etc. Keep teamwork and collaboration alive. Allow for time for collaboration and relationship-building, even if you have to schedule it. Make full use of any collaborative tools you have access to. Google Docs, for example, are a great way to get clarity, gather input, and gain consensus without an in-person meeting. Communicate more frequently with your team. Don’t ignore the need to keep in close contact with your team. Check in with one another at the beginning and end of each day so everyone knows when you're on- and offline. Being less visible to one another makes it even more important to keep each other in-the-know. Maintain a sense of transparency by discussing what you're doing, sharing your work-in-progress, and keeping everyone in the loop before they wonder how you’re spending your time.

More Billing Flexibility For Advisors

More Billing Flexibility For Advisors Betterment For Advisors has listened to advisor feedback and is now offering new Billing Plans that will provide more flexibility for how advisors can charge their clients. We value the feedback our advisors provide, and one thing we’ve heard is that they want more flexibility over client billing. Our three new Billing Plans will allow advisors to set fee structures that fit the needs of both their advisory firm and their clients. Under each plan, advisory fees will accrue daily and be assessed quarterly as usual. Advisors who have admin privileges can create new Billing Plans and set the default Plan for their firm, which will be used for new households moving forward. Any advisor can choose from the list of available Billing Plans—which are created by admin advisors—and assign any Plan to their clients. Below, we’ll outline how each Billing Plan works and give examples of how fees might look for households of varying asset ownership levels. Asset-Based Billing Fixed Fee Billing Tiered Billing Note that regardless of which Billing Plan is chosen, each advised client pays a percentage fee directly to Betterment for portfolio management. The fees represented in each Billing Plan below are additional fees (on top of Betterment's wrap fee) that are collected by Betterment on behalf of the advisor and sent to each advisory firm on a quarterly basis. Asset-Based Billing In the past, the only billing option for advisors was to charge basis points (bps) on a client’s assets, regardless of account balance. We’ll still be offering this asset-based billing option, however, it must now be applied to a total household rather than separately across a household’s legal accounts. As a reminder, legal accounts include individual taxable, joint taxable, trusts, and each type of IRA. A household consists of all legal accounts owned by one person, as well as all the accounts owned by anyone that person shares a joint account or trust with. Households can also be created by explicitly associating two or more people. Example of Asset-Based Billing Plan at 50 bps Balance Annual Fee Approx. Quarterly Fee Household 1 $50,000 $250 $62.50 Household 2 $500,000 $2,500 $625 Household 3 $3,000,000 $15,000 $3,750 For an advisor's existing households, we will automatically carry over their existing asset-based billing plan. The advisor will be able to make changes if they would like, but otherwise, there is nothing further they'll need to do. Fixed Fee Billing The ability to charge a flat annual fee is something advisors have asked for—so we’ve added it to our Billing Plan options. Advisors can now choose a fixed annual fee for their services, and apply it to households regardless of balance. The most important thing to know about this plan is that a household’s balance must be above the fixed fee amount in order for fees to accrue. For example, if the fixed fee is $5,000, a balance of $4,999 would not accrue fees. Because fees accrue daily, if a household’s balance is below the set fixed fee amount at the close of market on any given day, no fee will accrue on that day. Since fees are assessed quarterly, the annual fee will be prorated across each calendar quarter. Tiered Billing Tiered billing allows for ranges to be set for both asset-based fees and fixed fees. The tiers work similar to tax brackets, in that only the assets held within each tier’s range are charged with that tier’s rate. Below is an example of what an asset-based tiered structure might look like. Example Tiered Billing Structure: Asset-Based Asset Range Rate $0 to $100,000 100 bps $100,001 to $500,000 75 bps Over $500,001 50 bps Households under the above tiered billing structure would be charged as follows: Balance Annual Fee Approx. Quarterly Fee Household 1 $50,000 $500 $125 Household 2 $225,000 $1,937.50 $484 Household 3 $2,600,000 $14,500 $3,625 Setting A Minimum Fee Advisors can utilize the tiered structure to set a minimum fee by setting a fixed fee for the lowest asset tier, and then applying an asset-based fee for the higher subsequent tiers. Just like under the fixed fee plan, a household’s assets must be higher than the lowest fixed fee rate in order for fees to start accruing. Example Tiered Billing Structure: Fixed Fee + Asset-Based Asset Range Rate $0 to $100,000 $1,000 per year $100,001 to $500,000 75 bps Over $500,001 50 bps If you have any questions about how Billing Plans work, head to our FAQs to find answers to the most commonly asked questions. If you still need help, our Advisor Support Associates can help you find the right billing solution that works for your firm. Lastly, keep the feedback coming—we value the voices of our advisors and we will continue to make improvements to meet their dynamic needs.

Betterment for Advisors Now Offers Dimensional Funds

5 Ways to Make Small Clients More Profitable

5 Ways to Make Small Clients More Profitable As a financial advisor evaluating the future of your firm, it's time to think more expansively on the potential of small clients and accommodated accounts. This article was originally published on WealthManagement.com. If you’re like most advisors, you focus most of your time and energy on your “A” and “B” clients—those with large investable assets and who represent the “bread and butter” of your business. The smaller accounts (“C”s) are often viewed as requiring too much time relative to the revenue they generate—time that could be better spent developing new A and B clients and increasing their assets under management (AUM). Rather than ignore these clients (or cut ties with them altogether), it’s time to think more expansively about the potential of smaller accounts. Much of their value to you as an advisor is the high potential of these often younger clients to grow into traditional clients. Furthermore, working to build long-term relationships with the next generation of wealth helps “future proof” your firm. Allowing junior advisors at your firm to manage these small clients benefits your firm, too, as it gives them important client-facing experience. Remember, too, that small clients may be your biggest, most loyal fans: they trust you, are often a source of referrals, and appreciate that they’ve been well-served even though they’re not a great source of revenue (yet!), so efforts to nurture them can be very productive. Here are a few steps you can take today to make them more profitable: 1. Be selective about the small clients you advise. Look beyond a client’s investable assets to understand their underlying investing philosophy and their mindset regarding saving. With time, does the client have the potential to become more like your traditional clients? If they’re a DIYer and not likely to accept a broader spectrum of guidance, or if they’re highly sensitive to fees, it’s unlikely that the client will be profitable (or even advisable) in the long term. Similarly, if their occupation and career path do not suggest upward mobility and increasing assets, they may not be a good fit. The best investors are those who understand, value and are comfortable taking your guidance, and who are willing and able to pay for it. Tip: Don’t summarily reject DIYers if you can determine that this person is someone who’s realized they can no longer manage their investments well on their own. These can be great clients who ask good questions, understand the investment process, and who aren’t reactionary when the market dips. 2. Consider outsourcing your investment management. A study by Cerulli (Cerulli Associates, US Advisor Metrics, 2016) found advisors spend nearly 20% of their time on investment management (half of that on portfolio-related tasks like research and due diligence). Advisors who outsource spend 12% of their time meeting prospects and 37% meeting existing clients, compared with 6% and 20%, respectively, for advisors doing their own investment management. More time with prospects and clients has a huge payback: outsourcing investment management, on average, added an additional $14.5 million to advisors’ assets annually – twice the amount of those who managed investments in-house. Tip: While clients might initially be resistant when you explain you’re relying on outsourced expertise for managing their portfolios, positioning it as a strategic move that allows you to serve them better will help allay any fears they may have. 3. Invest in technology to support administrative needs. The right technology can streamline operations and reduce overhead, and, more importantly, make it possible for advisors to expand their reach, targeting more and different types of clients. There are a number of tools available, including those that allow you to hold virtual meetings, eliminating travel expenses and making meetings more convenient for you and the client. Virtual meeting tools also minimize the effects of a client moving out of your area. Other tools include visualization software like Tableau that improve client interactions by enabling you to present powerful visual analytics, and calendaring systems that take the hassle of scheduling routine appointments off your plate. Not only do these tools relieve you of many of the time-consuming (and relatively low-value) tasks, they address millennials in the way this demographic prefers and expects. According to a Deloitte report, millennials are digital natives who embrace technology and consider online platforms an important aspect of financial advice. In fact, 57% percent even say they’d change their banking relationship for a better technology platform solution. Tip: When implementing new technologies, start with existing clients first – and don’t overlook older clients; they may appreciate tools that make engagement with you easier and more productive. Once you have evidence that the technology adds value, introduce it as a valuable part of your service offering. 4. Leverage a virtual assistant (VA) to do routine tasks. By turning over low-value work to what’s essentially a freelancer (or, in some cases, automated intelligence “bots”), you’re able to spend your time on higher-leverage activities. Websites like upwork.com connect you with virtual or AI assistants who can schedule appointments and referral dinners, find contact information for prospects, send thank you notes and similar work. Unlike salaried or hourly employees, you pay only for the actual time a VA spends working, making him or her a more flexible resource whose usage can easily be scaled depending on need. Tip: To work effectively with a virtual assistant, you must view him or her as another employee. Set your VA up to succeed by clearly outlining processes and providing specific instructions for each task. Send a test project to gauge the quality, expediency and overall cost-effectiveness before you commit. 5. Rethink pricing. Today, many advisors are still pricing their services based on assets under management, typically at 1%. The failure of this method is that it keeps clients with less money from investing – or, if they do invest, keeps the advisor from being profitable. And, when the market declines, fees decline, yet advisors are offering the same level of service to their clients, regardless of the market environment Though asset-based fees remain the most common fee structure, according to Cerulli the number of advisors charging fixed fees for financial planning continues to rise, increasing from 33% in 2013 to nearly 50% in 2017. Interestingly, far more millennial advisors are charging fixed fees (62%), suggesting that as younger generations become increasingly willing to pay for financial advice, younger advisors are aligning with the trend by implementing this model. It could also be a reflection of that generation’s familiarity with and use of subscription-based services, like Netflix and Amazon Prime. A close look at how much time you’re spending on small accounts might reveal an opportunity to structure your pricing differently. Conduct a simple time study: assign a dollar value (e.g., $200) to the hours you’re spending and determine what margin you want. If the results show that you’re not making the margin, you may want to consider implementing a flat-fee based structure to achieve this. There are a number of structures that could work, like monthly/quarterly/annual retainer, project-based and others. The structures vary and depend on many factors, including the advisor’s client base, what they’re willing to pay, and the goals of the advisor, both financially and in terms of who he or she serves. Tip: Do some legacy client testing on implementing such an idea, and position it as a test to gauge a reaction before rolling it out more broadly. You may also decide to set up two service level offerings — it doesn’t have to be a one-size fits all. If you’re not working to build long-term relationships with your small clients today, you risk losing out on what could be very profitable relationships in the future. The pervasive perspective that these clients “aren’t worth the effort” is short-sighted. By being selective in choosing clients, leveraging technology to optimize interactions, outsourcing tasks that don’t require your skills, and pricing your services for profit, you increase the likelihood that these once-small clients will develop into some of your most profitable.

Empathizing with Your Prospects to Secure the Next Meeting

Empathizing with Your Prospects to Secure the Next Meeting A cookie-cutter approach to prospective client meetings won’t cut it. Advisors, learn to pay attention to your prospect’s mindset with these meeting tips. What are today’s investors looking for from their financial advisors? Guidance, certainly, but the nature of that guidance has changed over the years; more importantly, it’s very different depending on the investor’s lifecycle stage. Whether your prospects are in the accumulation phase, the preservation phase, or the distribution phase, they all seek the practical guidance of experts who can help them make decisions that will lead them to their investment goals. By better understanding who your prospects are and what needs, goals, fears, and perspectives they have, you can engage more productively and build mutually beneficial relationships with them. Accumulation Phase People in this phase are often relatively new to the workforce and beginning to consider positioning themselves appropriately for the future. A 2018 Forbes article reveals that millennials are saving at an impressive rate: 71% are saving for retirement – with 39% being defined as “super savers” who save more than 10% of their salaries. They’re are on track to replace 78% of their estimated retirement expenses, according to a 2018 Fidelity survey. About one in six have already saved $100,000 or more, according to Bank of America’s Better Money Habits survey. But while a growing number of people in this phase are saving, they seem reluctant to invest: 66% of people aged 18 to 29 (and 65% of those 30 to 39) say investing in the stock market is scary or intimidating, compared with 58% of those aged 40 to 54 and 57% of those 55 and older, according to an Ally Financial survey. Millennials held 25% of their investments in cash, compared to 19% of investors overall, according to a Charles Schwab & Co. study of client data. 20% of millennials say their retirement money is invested mostly in bonds, money market funds, cash or other stable investments, compared with 15% each for older generations, according to Transamerica. This contrast isn’t entirely unexpected. Those in the accumulation stage understand the need to save but, having witnessed the Great Recession of 2008-2009, are confused where to start. Framing the conversation A Deloitte study found that while 72% of millennials describe themselves as self-directed with control over their wealth, they don’t have the level of financial knowledge older generations do – yet they know when they need help and will reach out to get it. In fact, 84% seek financial advice to help them make financial decisions and reach their goals. Knowing there’s a knowledge gap, begin conversations not by talking about investments, but by covering the basics: Does the prospect understand the value of being enrolled in his or her employer’s 401(k) and setting up an IRA? Has he or she established a budget, considered an emergency fund or taken steps to reduce debt? Discussing some of this “low hanging fruit” gives you the opportunity to demonstrate your financial coaching value and provide the most appropriate solutions. Because Millennials have likely not experienced meaningful returns from standard checking or savings accounts, they may underestimate the potential of moving assets to online savings accounts, which are typically more responsive to rising interest rates than traditional bank checking/savings accounts. The value of these accounts have the potential to rise with interest rates, unlike checking/savings accounts that don't automatically increase and, as a result, lose money to inflation. In general, millennials are looking for experiences and connections – in their home lives, work lives, social media...everything. When meeting with a prospect, ditch the canned Powerpoint presentation. Instead, make it a two-sided conversation in which you ask questions and listen closely to their answers – then use those answers to formulate the most appropriate guidance. Remember these are “digital natives” and early adopters of technology who grew up with, rely on and expect technology to simplify their lives. Promote interactive online capabilities that allow them to manage their investments. Preservation Phase During the preservation phase – the period during the middle of investors’ lives – people are focused on both growing and protecting their investments. Their kids, if they have any, may be in college, retirement is a ways away (but in sight), and most large purchases (second home, college for kids, etc.) have been made. Their comfortable financial situations may lead such clients to take a hands-off approach to their finances, or they may consider taking money out of their retirement savings to make additional purchases. They were likely impacted financially by the recession and, while the economy today is healthy, they fear the loss they’d experience should markets turn down again. Having gone through the high interest rates of the 1980s and the downturn that began in 2008, this age group fears inflation, loss, and outliving their money (6 in 10 fear outliving their money more than they fear death itself). Their knee-jerk reaction to even slight upticks in interest rates could cause them to pull their investments. Framing the conversation According to Insured Retirement Institute, 42% of Baby Boomers have no retirement savings and among those who have some retirement savings, 38% have saved less than $100,000. Thus, approximately half of Baby Boomer retirees are, or will be, living off of their Social Security benefits. It’s critical advisors help educate these prospects about the importance of increasing contributions to their portfolios to improve retirement funding for the remainder of their lives. One reason Baby Boomers lack retirement funds could be attributed to the recession of 2008-2009. This scared many right out of the markets – some of whom missed the subsequent rebound. That fear remains and could present a roadblock to advisors. Technology that’s simple to use and straightforward will likely be welcomed by this group, as it gives them some amount of control over their finances. Balance its usefulness with person-to-person exchanges in which you as an advisor provide insights and guidance. Distribution Phase Investors nearing retirement generally become more averse to risk, and those actually in retirement are most concerned with depleting their nest eggs too soon. Expected life spans are increasing (today, U.S. 65-year-old men can expect to live to age 83 and women to almost age 86, according to the National Center for Health Statistics, whereas in 1970, those numbers were 78 years old and 82 years old respectively), and if they’ve not planned appropriately, retirees’ investments might not cover their living and care expenses – many in this group may need to rely on investment withdrawals for 30 years or more. Framing the conversation As clients enter this phase, managing risk is as important as ever. While some clients may be focused on preservation and generating income, others may have different needs and objectives. This phase of the investor lifecycle can be filled with joy and excitement for the adventure ahead, but at the same time can be a difficult transition. Many of your clients have spent the past several decades saving for this moment. You’ve both planned for this moment, and you can encourage spending with safe withdrawal rates. Technology that allows this group to monitor their investments must be easy to use, and should be complemented and supported by face-to-face discussions. These interactions allow the client to get answers to their questions, help build trust, and foster a sense of security. Listen to Learn No matter which type of investor you’re talking with, your first goal should be to listen and learn. Listen to their fears and understand their goals – and only then talk about solutions. You’ll enhance your credibility when you show that you’re most interested in providing guidance that’s in their best interests. If they do have fears, validate those fears – don’t dismiss them. Often, the best way to mitigate fears is with information. Provide resources and insights that help explain issues and pave a practical way forward. Reach out on a regular basis (the cadence of which will depend on the client). In both good times and not-so-good, be there to offer guidance. The value of interaction cannot be overstated.

Alexander Choi

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