Betterment co-founder Eli Broverman steps down from day-to-day operations

Robo adviser's president Eli Broverman departs to build new firms
APR 04, 2017

Betterment co-founder and president Eli Broverman has given up day-to-day operation of the digital advice firm to devote his time and energy to finding new technology firms to build. "As Betterment has moved into growth stage, I've gotten the itch to get back to that early stage," Mr. Broverman wrote in a LinkedIn post on Monday. "Call me a masochist, but I love the roller coaster." Mr. Broverman, who co-founded Betterment with the firm's CEO Jon Stein in 2008, will remain on Betterment's board of directors, "and continue to work with the team on a few key projects that I can help guide." "Outside of that, I'll be spending the next months finding a new adventure (or maybe a few)," he wrote. Since its debut as a novel digital advice provider in 2010, Betterment has attracted about $7.4 billion in client assets to its retail, retirement and adviser channels. In January, Betterment also began offering some live financial advice to its retail clients for an added cost. It faces stiff competition from the robo, or hybrid platforms that financial giants Vanguard Group and Charles Schwab have introduced. Both of these have garnered more client assets to date than New York-based Betterment. (More: Robo-advisers and human advisers adopt each others' biggest advantages) Mr. Stein said in an email that Betterment would not exist without Mr. Broverman's "leap of faith" starting the company with him and that the two remain friends. "I am grateful for the 10 years of service he gave to Betterment," he wrote. "I know he is as proud as I am of everything we've built together, and I'm excited to see what he'll do next." No one will be taking on the role of president, Mr. Stein said.

Latest News

Envestnet taps Atria alum Sean Meighan to sharpen RIA focus
Envestnet taps Atria alum Sean Meighan to sharpen RIA focus

The fintech giant is doubling down on its strategy to reach independent advisors through a newly created leadership role.

LPL, Evercore welcome West Coast breakaways
LPL, Evercore welcome West Coast breakaways

The two firms are strengthening their presence in California with advisor teams from RBC and Silicon Valley Bank.

Supreme Court slaps down brokerage's appeal vs. FINRA expulsion case
Supreme Court slaps down brokerage's appeal vs. FINRA expulsion case

The high court's decision rebuffing Alpine Securities marks a setback for a broader challenge to Wall Street's reliance on self-regulatory organizations.

RIA moves: Arax extends Midwestern reach, Steward Partners debuts in Arizona
RIA moves: Arax extends Midwestern reach, Steward Partners debuts in Arizona

Arax acquires a boutique firm's $4 billion RIA business in Michigan as Steward Partners continues its Southwestern expansion.

In this hi-tech world of finance, JPMorgan has an old school strategy to woo HNWs
In this hi-tech world of finance, JPMorgan has an old school strategy to woo HNWs

Wealth management is a key focus for a new service tier.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave

SPONSORED The evolution of private credit

From direct lending to asset-based finance to commercial real estate debt.