In search of talent, New York-based robo advisor Betterment plans to open a new office in Philadelphia.
An exact location has not been finalized but the company said it intends to open its second office in Center City, a central business district, as soon as February. The new office will be home to about 20 employees to start, many who are software engineers, but it expects it will grow and include other employees over time.
The Inquirer was the first to report Betterment's plan to open an office in Philadelphia.
Betterment considered other cities, including Denver, Austin, Portland, Seattle, San Francisco and Los Angeles, but Philadelphia was an "obvious choice," a spokesperson for Betterment told WealthManagement.com.
Relative to New York, Philadelphia's cost of living was an "added bonus" of the pick. Its vicinity to Betterment's headquarters in New York, area universities and educated workforce were criteria a second location needed to meet.
"Betterment's culture and values are so important to us and we think we can send both of those successfully to Philadelphia," the spokesperson said.
The new office will put Betterment in proximity to Vanguard Group, whose late founder Jack Bogle was someone Betterment CEO and founder Jon Stein admired and corresponded with.
Betterment reported over $14 billion in assets under management, with over 450,000 accounts, according to its most recent regulatory filing.