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Betterment announced significant improvements to its premium service plan effective April 25, 2024. The updated plan includes a new fee structure and expanded benefits.
Under the new Premium plan, customers will be subject to an annual management fee of 0.65% AUM. This is a noticeable increase from the previous fee of 0.40%. The minimum balance requirement of $100,000 remains unchanged and continues to reflect the plan's goal of targeting more established investors seeking comprehensive financial advice and a range of investment options.
The increased 0.65% fee applies to traditional and crypto investment accounts only. It does not impact Betterment's Cash Reserve, Betterment Checking, 401(k) or HSA accounts, which are designed to offer flexible and accessible financial tools at no additional cost.
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New benefits
One of the best new benefits for Premium subscribers is access to preferential pricing for Betterments Cash Reserve. Customers receive an additional 0.25% annual percentage yield (APY) on top of the variable interest rate, which promises to significantly optimize their returns on cash holdings. This attractive interest rate is already near the top of the best savings accounts.
Additionally, through a partnership with Trust & Will, Premium Members benefit from a 20% discount on estate planning services, improving their ability to efficiently manage wealth and estate planning.
With Betterment Premium, customers can now connect directly with Certified Financial Planners (CFPs) in 1:1 sessions. These experts provide detailed financial planning, personalized advice, and guidance on using Betterment's cutting-edge tools and technology. Additionally, Premium clients receive exclusive quarterly commentary from the CFP team, designed to provide insight and perspective on market trends and financial planning strategies.
Upgrade options
For a limited time, those currently using Betterment services can upgrade to the new Premium plan at no additional cost for the first 60 days. The aim of this initiative is to give existing customers the opportunity to experience the new features and benefits without any immediate financial commitment.
Current Premium customers have the option to stay with their existing plan for a 0.40% fee or upgrade and take advantage of expanded services and benefits. This flexibility ensures that all subscribers can tailor their investment strategy to their specific needs and financial goals.
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