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.”
“As Betterment has moved into growth stage, I’ve gotten the itch to get back to that early stage,” he wrote.
Broverman wrote that he and co-founder and CEO Jon Stein worked together on a transition plan that will keep him closely involved for some time. He will remain on the Betterment board and will “continue to work with the team on a few key projects that I can help guide.”
— Read Betterment Rebuffs Buffett, Says Sage’s Advice ‘Doesn’t Work Anymore’ on ThinkAdvisor.