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Betterment For Advisors Adds Savings Goals

Once again, Betterment is looking to cash management as a financial services differentiator.

Betterment is unveiling “formalized goal functionality” for users of its cash management service, according to an announcement. Called Betterment Cash Goals, both retail and Betterment for Advisor end-clients will be able to link cash savings to multiple short- and long-term goals.

The feature allows customers to create goals that are in turn linked to their savings account on the Betterment platform, earmarking that cash for certain goals. This allows customers to organize and prioritize their cash savings toward the goals they most want to achieve. Betterment added banking services and cash management to its platform a year ago.

For advisors, Betterment expects the new feature will make it easier for clients to see how cash fits into their overall financial plan, said Jon Mauney, general manager of Betterment for Advisors. Putting cash, investments and “formalized” savings goals on a single screen makes it all the easier to save purposefully. 

“Advisors aren't a second thought to us,” said Mauney. “What we do for our retail customers, we do for advisors.”

“Advisors were really excited to be able to manage their clients' cash when we launched Betterment Checking and Cash Reserve. Cash Goals allows them even more flexibility with how they manage that money,” he added.

Betterment isn’t the only fintech firm tying cash management and goals together. Qapital, which does not include an advisor-focused product, applies user-built savings rules to divvy up incoming funds among savings buckets, as well as fixed expenses like rent and groceries. Qapital even has pre-built rule suggestions for setting aside cash for taxes due, useful for gig economy workers.


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