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New York Times

Fidelity Investments Forges Alliance With Low-Cost Player

By Ron Lieber

Betterment and FutureAdvisor have made a lot of noise in the past few years about doing things differently from old-fashioned investment firms. The pair are part of a fast-growing group of software companies that put customers in index funds or related investments and that manage their portfolios for a relatively low cost.

Fidelity Investments appears not to be taking offense. It announced Wednesday that it would team up with Betterment and encourage Fidelity-affiliated financial advisers to use its service. The move follows a revelation this week that a firm affiliated with Fidelity’s parent company invested in FutureAdvisor in May.

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This article originally published October 15th, 2014 on New York Times.