Betterment revamping adviser-facing dashboard

Robo adviser update includes more information to help advisers track client behavior

Nov 15, 2018 @ 4:56 pm

By Ryan W. Neal

Betterment for Advisors has a new version of its adviser-facing dashboard that revamps the look and feel of the platform and gives advisers information to engage with clients.

The new dashboard went live on Thursday for registered investment advisers using the institutional version of the robo-adviser. It is more consistent with the user experience of the client-facing product and adds new features that Alex Choi, Betterment for Advisors' head of adviser success, hopes will make it easier to monitor client actions and help investors remain on track towards financial goals.

The home screen of the new dashboard features two interactive graphs. The first illustrates an adviser's total assets managed on Betterment for Advisors; the other breaks down weekly net deposits.

These charts are agnostic to market changes to give advisers a clear view of actual dollars moving in or out. Mr. Choi said this can help advisers more quickly spot abnormal client behavior and initiate a conversation.

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A new "pending actions" tab shows actions the adviser initiated that may require client action, such as completing a form to open a new retirement account. Advisers can use the platform to shoot a notification to a client and it will nudge them to finish the process.

"We want to surface something that will help advisers maintain and monitor client deposits, understand client behavior and start pushing them towards the right kind of behaviors," Mr. Choi said.

Betterment for Advisors also added a search function for clients and households, simplified the steps for advisers to take action on accounts and added new reports.

Though Betterment recently started expanding integration with third-party adviser technology vendors like Orion Advisor Services, Advent Software's Black Diamond and RightCapital, the new features are all built in-house.

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The company plans to continue integrating, but Betterment would like to include as much functionality in its own dashboard as possible, said Betterment spokeswoman Danielle Shechtman.

The updates are driven by feedback from advisers, Mr. Choi said. Betterment declined to say how many advisers are using the platform, but did say Betterment for Advisors has partnerships with 450 firms.

Across retail, Betterment for Advisors and Betterment for Business, the firm's 401(k) channel, the firm manages just over $14 billion, according to its most recently filed form ADV.


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