Arms race among online financial advisors gives investors much more, for less
By Michael Santoli
When robo-advisors compete, human investors win.
The group of fast-growing software-based investment firms casually known as robo-advisors are hustling to deliver more-sophisticated portfolio-management services as they compete for client dollars and public attention against one another and entrenched wealth-management powers.
In the latest bit of oneupmanship, online-advisor pioneer Betterment is launching a new tax-management tool meant to minimize tax exposures throughout every customer transaction, collecting tax losses opportunistically while maintaining target asset allocation for customers with at least $50,000 in their account.