Advisor Tools & Practice Management
Q: How does advisor fee billing work on Betterment?
A: Betterment can bill plan clients on behalf of advisors based on the agreed fee schedule. Fees can be paid by the employer (as part of the employer invoice) or deducted from participant accounts, depending on what the plan document allows. Advisors should confirm billing structure with their Betterment CSM.
Q: What advisor-facing tools are available in the Betterment platform?
A: The Betterment advisor dashboard provides:
- Plan metrics tracking and custom reporting
- Participant-level data and account visibility
- Document and notice management
- Support tab with contact details
- Compliance Hub for census uploads and questionnaire completion
Q: Does Betterment provide participant education support?
A: Yes. Betterment schedules a participant education session at or around go-live, led by the Client Success Manager. Participants also have access to in-app retirement advice, educational videos, webinars, articles, and customized emails on 401(k)-related topics throughout the plan year.
Q: Can advisors use Betterment for both wealth management (BAS) and 401(k) plans (B@W)?
A: Yes. Betterment offers an all-in-one platform spanning both retirement and wealth management. This allows advisors to service clients across both and provide a unified experience for plan sponsors who are also individual wealth clients.
Q: What should advisors update on their ADV if they partner with Betterment?
A: Advisors will need to update Form ADV Part 2A and likely their client agreement to reflect the incorporation of Betterment Advisor Solutions into their practice, including how the firm uses Betterment's sub-advisory and brokerage services and how Betterment's fees are disclosed. Advisors should consult their compliance officer or attorney as circumstances vary.