This Startup Says Competition From A $2 Trillion Giant Is “Really Exciting”
By Matthew Zeitlin
One of America’s financial giants is stepping directly onto a startup’s turf, and its founder couldn’t be happier.
Charles Schwab, which controls $2.4 trillion worth of assets, announced Monday that it would launch an automated online investment advisor service, similar to that offered by the upstart Betterment (and its Bay Area–based rival Wealthfront). “This is really really exciting for us,” Betterment Chief Executive Officer Jon Stein said in an interview with BuzzFeed News following the Schwab announcement.