As plan providers, recordkeepers and robo-advisors all compete to provide defined contribution plan participants with the means to improve their retirement preparedness, automated investing service Betterment has added account aggregation to its platform.
Just last month T. Rowe Price announced a redesign of its participant website, in a bid to help workers manage their retirement preparation online. But the company is far from the only one looking to boost retirement results through technology.
While it may be more usual for advisors to be able to view aggregated retirement assets, as they can via the software of NextCapital, there's no question that a more complete picture has the potential to provide better guidance.
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As a result of its latest upgrade, Betterment said that customers can now securely sync outside financial accounts, such as 401(k)s, IRAs, taxable accounts, mortgages, and loans held at other institutions, with their Betterment account.
That allows customers to see their total net worth in one place, and also is intended to assist Betterment in providing better, more holistic personalized advice.
Once customer accounts are synced, the company said it can help identify where clients may be holding idle cash that could be turned into investment growth opportunities, identify where customers might be losing money to high fees and then help them act on its advice.
Through Betterment, customers have access to a globally diversified portfolio of index-tracking ETFs with personalized allocation advice in a goal-based investing framework. Customers can open and customize regular investment accounts, traditional/SEP/Roth IRAs, trust accounts, and accounts for retirement income.
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