Ritholtz Wealth Management, led by Barry Ritholtz and Josh Brown, has moved its digital asset management service to Betterment for Advisors.
The service, called Liftoff, was started in 2014 but moved to the back burner after the software provider, Upside, was acquired by Envestnet and essentially “orphaned,” said Brown, the firm’s CEO.
Liftoff has no minimums and charges 50 basis points, which will be evenly split with Betterment, for portfolios of ETFs.
Brown tells ThinkAdvisor the digital service is for the firm’s “tons of fans who are young and first starting to invest” and don’t have the $1 million minimum for full service. “I always felt terrible turning people away,” said Brown.
He said Ritholtz Wealth Management chose Betterment because it is the “best out there” in terms of providing outsourced back-office and front-end services as well as portfolio management and user experience.