Betterment, the largest independent robo-advisor, has taken another step to expand its advisor business. Three months after it changed the name of the service and expanded its investment offerings, it announced a strategic partnership between its Betterment for Advisors platform and the Financial Planning Association.
“This partnership leverages FPA’s collective expertise and knowledge to further Betterment for Advisors’ mission,” said Cara Reisman, head of business development at Betterment for Advisors, in a press release. She told ThinkAdvisor, “A big goal for us is to work with the FPA to enable advisors to streamline operations.”
FPA says the partnership will help educate advisors about using technology to serve more clients. “In a world where our members are getting infused with robo-advisors and new technology this is a way to work together to improve the quality of financial planning,” George Bradley, director of professional development and corporate relations, told ThinkAdvisor.
Betterment for Advisors is FPA’s first robo-advisor strategic partner (It has about a dozen such partners). The arrangement is set for 16 months, but FPA expects it will extend longer as a means for its members nationally and in local chapters to interact with Betterment.