One of Betterment’s founders, Eli Broverman, announced on Monday that he is stepping away from the business to focus on building new companies. Broverman made the announcement in a post on LinkedIn.
Broverman, who is president of the robo-advisor, wrote that “it’s time for me to get back to helping to build early-stage companies.”
Betterment was launched in 2010 and since then has grown to manage over $8 billion, according to its Form ADV filed March 31. It launched its 401(k) service, Betterment for Business, in 2016, and introduced new service offerings in January that give consumers access to advice from financial professionals, in addition to its digital-only offering. It hired its first CFO, Amy Shapero, in July.
Despite that success, Broverman wrote that he loves the “formative period” of a new company, “finding opportunities that big companies have a hard time attacking and figuring out problems that seem daunting and complex for a small team.”