Co-Pilot Makes Betterment Even Better

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ByI. Mitic
May 27, 2021

Betterment, a financial advisory company, recently launched a new command center tool, aptly named Co-Pilot. Its primary function is to notify advisors about opportunities to engage with their clients.

The latest addition to the New York-based company’s robo-advisor services is a smart to-do list and dashboard in one. Co-Pilot will be rolled out in stages, and it will be available along with Betterment’s standard features.

Co-Pilot’s current version enables advisors to remind clients to approve account openings, accept invitations for accessing the Betterment platform, reuse expired invitations, add beneficiary information, and monitor in-progress and failed Automated Customer Account Transfer Services (ACATS).

The upcoming set of Co-Pilot’s functionalities will most likely be released throughout the summer. They will provide more complex forms of assistance to advisors, such as counsel on individual retirement account management.

Jon Stein founded Betterment in 2008, but it wasn’t until 2010 that he presented his product to the masses at TechCrunch Disrupt, an annual technology conference. After his pitch, within 24 hours, the company gained almost 400 early customers and began investor negotiations.

By naming its new product “Co-Pilot,” Betterment wanted to illustrate its commitment to cooperating with financial advisors and, at the same time, distance itself from Wealthfront. Wealthfront, one of the company’s main competitors, seems to be focusing on a much more computerized approach to investing. Just a few months ago, the rival fintech launched its “self-driving money” concept called Autopilot. Once you set it up, Autopilot automatically saves or invests your cash.

According to Stein, Betterment’s goal is to help its customers navigate the rapidly developing and increasingly complicated world of finance. Judging by the high ratings that the company’s investment applications have on Google Play and the App Store, Betterment’s people-oriented approach appears to be working.

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For years, the clients I worked for were banks. That gave me an insider’s view of how banks and other institutions create financial products and services. Then I entered the world of journalism. Fortunly is the result of our fantastic team’s hard work. I use the knowledge I acquired as a bank copywriter to create valuable content that will help you make the best possible financial decisions.