In its latest offering to become the central financial partner of its clients, digital advisor Betterment is offering cell phone insurance to any client that has a Betterment checking account and uses their Betterment Visa debit card to pay their monthly phone bill.
Betterment is partnering with insurance technology company Sure, whose platform, according to its website, offers personal (renters, collectibles and art), business and travel insurance.
“Our goal is to provide a product that helps customers make the most of their money, so they can live better,” said Mike Reust, president of retail operations at the firm. “It’s yet another way we’re looking out for our customers’ financial health and stability, in the pursuit of our mission.”
“Offering a perk like this is about giving consumers a reason to select Betterment’s bank account products over other providers,” said David Goldstone, manager of research and analytics for Backend Benchmarking, which publishes The Robo Report. “This feature itself probably does not move the needle much as far as the quality of the product but is a perk that might nudge a consumer to select their product suite over a competitor’s like Wealthfront.”
Betterment, along with Wealthfront and other digital advisory firms, has continued to add services for clients, which can help solidify relationships. When those clients amass enough assets to qualify for a personal financial advisor at other firms, they can choose to stick with Betterment instead. Its premium product provides access to financial advisors for a 0.4% annual fee and minimum $100,000 in assets.