On the same day that Betterment announced it was expanding human advice to all its retail clients through an in-house messaging tool, it eliminated its Plus offering, which had provided an annual planning call from a licensed advisor plus account monitoring throughout the year. Betterment also reduced the minimum balance and fees for Betterment Premium, which allows for unlimited phone calls with advisors.
(Related: Betterment Users Can Now Contact CFPs Via App)
“We streamlined our offerings and now have Betterment Digital and Premium only,” said a spokeswoman.
(Related: Betterment Now Offers Human Advice, Restructures Fees)
Betterment Plus customers were moved into Betterment Premium accounts, and the minimum balance for those accounts was reduced from $250,000 to $100,000, the same minimum of the former Betterment Plus accounts. In addition, the fee for Premium accounts was cut from 50 basis points to 40 basis points, again the same fee that Plus accounts charged.