- Information that we collect from you
- We collect device-related information, server log information, and other types of anonymous information when you visit Betterment and when you become a customer of Betterment.
- Additionally, we collect personal information and financial information when you register and use your Betterment account.
- For employers that sponsor retirement plans through Betterment for Business, we collect information about your company and employees when you establish and update your Betterment for Business account.
- Why we collect your personal information
- We serve as a broker-dealer and investment advisor for our customers and are required to collect certain information under US law.
- For employers that sponsor retirement plans through Betterment for Business, we need certain information to provide recordkeeping and compliance services.
We use your personal information to maintain your account, provide customer service, and enhance your customer experience.
- We use aggregated personal information and non-personal information to improve Betterment and monitor and protect the security of our service.
- Who we share your personal information with
- Your choices as a consumer
- In order to operate Betterment and provide managed financial services and retirement plan services, we require certain personal information.
- If you are not comfortable providing personal information to Betterment, then our service won’t be useful to you and you will not be able to open an account with us.
How You Accept This Policy
Information We Collect And Why
In order to provide a high quality service, Betterment collects various types of information when you visit the website or mobile app or sign-up as a customer.
As a Visitor
We collect various types of anonymous information about visitors to Betterment, such as device-related information (browser type, IP address) and server log information (date and time of day of your visit). We also collect information that you input into our website. We use this information to better understand our visitors and our business, to provide the services or information you request, and to enhance the Betterment service.
As an Individual
When you choose to create an account with Betterment, we will also collect certain personal information, including your full legal name, email address, permanent address, and date of birth. In order to provide financial services, we also are required by law to collect certain additional information, including your social security number and financial status. You may choose not to provide this information, but you cannot become a Betterment customer without providing it.
Beyond the registration process, we may collect various other types of personal information if you use the site. We collect your email address as part of our customer referral service or if you subscribe to the Betterment blog. We also collect your name if you decide to comment on the Betterment blog. Further, we may collect personal information if you contact us or otherwise give it to us (e.g., in an email).
As a Retirement Plan Sponsor
When a company creates an account with Betterment as a retirement plan sponsor, we will collect information on both the company and its employees, including but not limited to, employer name, an employer identification number, details about the employer’s existing retirement plans, an email address and other relevant plan information. We will also collect certain personal information about the plan participants (including but not limited to, plan participant names, social security numbers, annual incomes, addresses, length of service, gender, marital status, dates of hire, dates of birth, email addresses and other relevant plan information), general contact information (name, residence and business addresses, phone numbers, email addresses, and other similar information), other general personal information (birth date, gender, occupation, industry, and personal interests) and financial information (account balance, compensation information, contribution rates and tax bracket).
Cookies & Pixels
Cookies are small pieces of data that are stored on your computer, mobile phone or other device. Pixels are small code blocks on a website that allow for another server to measure viewing of a webpage and often are used in connection with cookies.
We use these technologies in order to customize Betterment and improve your experience with the site. Cookies store anonymous information, such as whether you viewed the site from your mobile device. We may store some personal information in a cookie and/or pixel, such as the site that you visited immediately prior to visiting Betterment and relevant financial information that allows us to enhance your user experience and for marketing purposes. Additionally, we may use a cookie and/or pixel that only stores anonymous information to track visitors across websites in order to better customize our marketing and advertising campaigns.
Cookies, pixels, and similar technologies are not required for site functionality. You are not required to accept any cookies or pixels to use this site. However, refusing to accept cookies or pixels will make the use of Betterment more cumbersome and less accessible.
We use analytics tools such as “Google Analytics” (collectively referred to as “Analytics Services”) to collect information about the usage of this site. These analytics services collect information such as how often users visit this site, what pages they visit when they do so, and what other sites they used prior to coming to this site. We only use the information we get from these Analytics Services to improve this site.
You can prevent Google Analytics from recognizing you on return visits to this site by disabling cookies on your browser. You can opt-out of Google Analytics by installing the Google Analytics Opt-out Browser Add-on here.
How We Use Your Personal Information
As part of this process, we may from time to time aggregate some of your personal information in certain data analysis, reports, or other interpretations of investment trends for both internal and external purposes. When aggregating personal information, we make sure that the information is not identifiable to any particular customer.
Additionally, we may use your personal information to contact you regarding our own services or resources that we think may be of interest to you. If you no longer wish to receive such marketing communications from Betterment, please click the “unsubscribe” link that can be found at the bottom of each such email message. Please note that if you hold an account with Betterment, you cannot opt-out of certain communications related to the administration of your account, including communications related to billing, statement delivery or certain regulatory matters.
When We Share Your Information
We do not sell, rent, or trade your personal information with any third parties without your consent or as required by law.
In order to provide financial services, we may share your personal information with third parties, such as consumer identification verification services and public accounting firms, for the purpose of serving you as a customer. We have entered into agreements that require that these third parties keep this information confidential.
If you conduct business with us through Betterment for Advisors, we may exchange information we collect with your investment professional or with others they may authorize.
In order to provide workplace services to employers or plan sponsors, such as retirement savings plan services and recordkeeping services, we may exchange any information received in connection with such services with the employer or plan sponsor or others they may authorize. We also may share information, including but not limited to account positions, contributions, distributions, and cash flows, with a third-party financial institution that serves as a directed trustee to plans serviced by Betterment for Business and its affiliates.
We also may disclose some of the personal information we collect to service providers, companies that perform marketing and analytics services on our behalf, or to other financial institutions.
We may disclose personal information in response to service of legal process, such as a court order, summons, subpoenas, or as permitted or required by law when we reasonably believe it is necessary or appropriate to investigate, prevent, or take action regarding illegal activities, suspected fraud, frontrunning or scalping, situations involving potential threats to the physical safety of any person, or violations of our Terms of Service or customer agreements.
Information about our users, including personal information, may be disclosed or transferred to entities now or in the future affiliated with Betterment or as part of any merger, acquisition, change of control, debt financing, insolvency, bankruptcy or sale of our assets. Such information may be used in the businesses of any entity so receiving it.
Last, we may disclose personal information in specific other cases with your consent.
Betterment Mobile Apps
Our mobile applications (“apps”) allow you to access your accounts and make changes to your accounts, using wireless or mobile devices. Our privacy practices apply to any personal information or other information that we may collect through the apps.
Our service is not directed towards anyone under the age of 18. If a parent or guardian becomes aware that his or her child under the age of 18 has created an account with Betterment and/or provided us with personally identifiable information, please contact us at email@example.com. Additionally, if we become aware at any point that a child under the age of 18 is using our service, we will terminate his or her account.
How You Can Access Or Change Your Personal Information That We Have Collected
Once you have registered with Betterment, you can access your profile, review the information that is stored, and revise that information. If you have any problems, you may also contact us at firstname.lastname@example.org. Due to US regulatory requirements, we do not delete residual copies of outdated information and must preserve all customer data for a minimum of three years.
Protection Of Personal Information
Betterment works diligently to protect your personal information. We employ several physical and electronic safeguards to keep your information safe. We use the strongest available browser encryption, store all of our data on servers in secure facilities, and implement systematic processes and procedures for securing and storing data. We limit access to your personal and financial information to only those employees with authorized access, and we require third parties who perform services for Betterment to agree to keep your information confidential. Furthermore, if you choose to close your account or your account is terminated with us, we will continue to adhere to the privacy policies and practices outlined here. If you maintain a Betterment account that you access through our website or mobile apps, you are responsible for protecting and maintaining the confidentiality of your account and password and restricting access to your computer.
How We Respond To Do Not Track Signals
Online tracking is the collection of data about an individual’s Internet activity used to deliver targeted advertisements and for other purposes. Customers using certain modern browsers have the ability to activate a “Do Not Track” signal. Betterment does not currently respond to the “Do Not Track” signal.
Changes To The Policy
Your Rights As A California Resident
Residents of California have the right to request from us certain information with respect to the types of personal information we share with third parties for those third parties’ direct marketing purposes and the identities of the third parties with whom the business has shared such information during the immediately preceding calendar year. To exercise your rights, you may make one request each year by emailing us at email@example.com. Your request should specify your full name and the email address you used when submitting personal information to us.
Your Rights As A Vermont Resident
We do not share nonpublic personal financial information information we collect about Vermont residents to non-affiliated third parties except for our everyday business purposes or as otherwise permitted by law. If you wish to revoke any authorization to share your nonpublic personal financial information, which you have provided to us by entering into our Customer Agreement, please contact us at firstname.lastname@example.org. Please note, however, that we will not be able to provide you with services through Betterment without the ability to share this financial information.
LAST AMENDED DATE: September 15, 2016