John Casey, who leads global employee benefits programs at Google, has joined the advisory board of Betterment for Business, the robo-advisor’s unit dedicated to 401(k) retirement plans.
“At Google, we focus on optimizing the effectiveness and user experience of our employee benefit programs and Betterment for Business’ mission and product align with these values,” said Casey in a statement.
Casey joins three other advisors on the Betterment for Business advisory board: Raymond Kanner, managing director and chief investment officer at IBM; Thomas E. Clark, an attorney at the Wagner Law Group, which focuses on employee benefits, executive compensation and ERISA compliance; and Stig Nybo, a retirement plan consultant and past president of U.S. retirement strategy at Transamerica Retirement Solutions.
“John will further strengthen our board’s breadth of talent and expertise, bringing invaluable benefits,” said Cynthia Loh, general manager of Better for Business, in the statement.
“As Betterment for Business begins its second year of operation, the deep-rooted financial experience of our Board of Advisors will continue to guide us in our quest to be trusted 401(k) service for plan sponsors and participants.”
(Related on ThinkAdvisor: Betterment Signs Up 300-Plus Retirement Plan Clients in 2016)
As of early December, Betterment for Business had 300 clients, providing globally diversified index-tracking portfolios as well as personalized financial advice. The firm, which also includes separate units for advisors (Betterment for Advisors) and for individual retail clients, manages more than $7.35 billion of assets in more than 215,000 accounts as of Jan. 31, 2017, according to its latest Form ADV. It doesn’t break out the assets for its individual units.
(Related on ThinkAdvisor: Betterment Study Urges Strong Oversight of Advisors Working With 401(k) Plans)
in September, Betterment released a study, conducted by Forrester Consulting, finding that an “overreliance on third parties,” including advisors, to develop and oversee 401(k) plans poses risks for employers who may not be aware of high plan fees.
Also in September, Betterment renamed its advisor chanel from Betterment Institutional to Betterment for Advisors and and expanded its list of ETFs, and in late January it broadened its retail offering to include human advice in addition to digital services for an additional cost depending on the frequency of the interactions.