AdvisorGrade
Fee-onlyFiduciaryNational

Betterment

5.0★★★★★18 Google reviews

Betterment is a fee-only, SEC-registered investment adviser in New York, New York, registered with the SEC since 2009, managing approximately $69.5B. As an SEC-registered adviser it is held to a fiduciary standard. Its exact fee schedule and account minimums are disclosed in Form ADV Part 2A.

View official SEC record ↗Firm website ↗Try our matching tool →

Source: SEC Form ADV · CRD #149117 · SEC #801-70171 · SEC-registered since 2009 (17 yrs) · Last filing data January 1, 2026

AUM
$69.5B

as of 2026

Fee model
Fee-only

per Form ADV 5.E

Clients
246

Form ADV 5.C — may be institutional

Employees
794

34 advisers

Assets per adviser

$2.0Bper adviser

A scale-normalized measure that lets you compare large and small firms. The typical firm in our directory manages about $102M per adviser — this firm runs leaner (more assets per adviser).

Overview

AI-generated summary

Betterment is a fee-only, SEC-registered investment adviser based in New York, New York. It reported approximately $69.5B in regulatory assets under management on its most recent Form ADV. The firm reports one or more disclosure events on Form ADV Item 11 — see the disclosures section below.

This summary is generated from Form ADV data and may not capture all nuances. Always review the complete SEC filing before making decisions.

Firm details

CRD #
149117
SEC #
801-70171
Headquarters
New York, NY
Employees
794

Clients served

Client types not reported on this filing.

Fees & compensation

  • Compensation model: Fee-only — the firm reports being paid by clients (e.g. a percentage of assets) and not through commissions.
  • Typical fee range: See Part 2A. Exact advisory fee rates are reported in Form ADV Part 2A, not Part 1.
  • Account minimum: See Part 2A. Minimums are disclosed in the firm's Part 2A brochure.
  • Custodial, trading, and fund expenses may apply in addition to advisory fees. See the firm's Form ADV Part 2A for the complete fee schedule.

Client reviews

5.0★★★★★18 Google reviews

Review highlights from Google

Google shows up to 5 of the most helpful reviews.

AAndras★★★★★· 4 weeks ago

“My wife and I recently had the pleasure of working with an outstanding financial advisor Richard Fearn, and we cannot recommend him highly enough. From the very beginning, he demonstrated a thorough and professional approach, taking the time to fully understand our financial situation and goals. What really stood out was his ability to explain our financial position clearly and in a way that was easy to understand. Richard broke down complex concepts into simple, practical terms, ensuring we fel”

KKim Reed★★★★★· 9 months ago

“I have been a client of Richard Fearn's for over 15 years and have always received exceptional advice. When Richard's new company Betterment Wealth contacted me to discuss my remortgage, I was put in touch with Jamie Panter who provided an exceptional service. Jamie understood my requirements and was able to advise accordingly and show me the best offers available. Jamie was also able to provide assistance on other financial matters which I found extremely helpful. I would highly recommend B”

IIan★★★★★· 10 months ago

“Richard and his team provide a great service, in my case over several years around mortgage brokering. What makes Richard, in particular, different from other professionals in this area is how much time he will spend in properly understanding both your circumstances but also what you and your family are trying to achieve into the future. He then brings the right products into discussion without ever suggesting one or the other product is 'right' or "better', rather allowing you to come to that c”

CCharlotte★★★★★· 5 months ago

“Jamie was our mortgage advisor and he was excellent. As first time buyers, we didn’t really know what we were doing, but Jamie took the time to explain everything clearly to us so we understood. Any queries we had were answered promptly. Jamie also helped us with our life insurance, comparing different options and what would work best for us. He also guided us on when we needed to set this up. We couldn’t have asked for better support and would highly recommend Jamie to anyone.”

CChris Brehm★★★★★· 8 months ago

“Richard has been great at getting mortgages for me. I’ve never found a better deal. He is also proactive and anticipated the market if timing is going to be critical.”

Read all 18 reviews on Google ↗

Reviews are from Google Business Profile, shown as posted. AdvisorGrade.com does not solicit, edit, or verify individual reviews.

Assets under management

2026$69.5B
Assets under management by year
YearReported AUM
2026$69.5B

Reflects the most recent Form ADV filing. Multi-year history is added as additional historical filings are ingested.

Disclosures

1 disclosure on recordHigher severityAI-summarized from SEC filings
Total fines
$9,000,000
Restitution ordered
—
Most recent
2023
Regulators
1

Plain-English summaries are AI-generated from Betterment's Form ADV Disclosure Reporting Pages. A disclosure is not by itself a finding of wrongdoing, and many are settled without admitting or denying the findings. Always read the official record before drawing conclusions.

  • Higher severityU.S. Securities and Exchange Commission (SEC)FinalApril 18, 2023

    The SEC found that Betterment made material misstatements and omissions about how its automated tax-loss harvesting service worked, and did not adequately notify clients about certain changes to its advisory contracts. The SEC also found that some of the firm's books, records, and compliance policies were inadequate. Betterment neither admitted nor denied the findings.

    Fine: $9,000,000Cease and desistFine

    Outcome: Settled by SEC order on April 18, 2023; Betterment paid a $9,000,000 civil penalty.

    Show the original filing language
    “BETTERMENT, WITHOUT ADMITTING OR DENYING THE FINDINGS, ENTERED INTO A SETTLEMENT ORDER WITH [THE] SECURITIES AND EXCHANGE COMMISSION RELATING TO ALLEGED MATERIAL MISSTATEMENTS AND OMISSIONS CONCERNING BETTERMENT'S AUTOMATED TAX-LOSS HARVESTING SERVICE AND FAILURE TO ADEQUATELY NOTIFY CLIENTS CONCERNING CERTAIN CHANGES TO ITS ADVISORY CONTRACTS.”
    View the source Form ADV ↗

In the news

Headlines from third-party news sources via Google News. AdvisorGrade.com does not endorse or verify their content.

Frequently asked questions

Is Betterment a fiduciary?+

Yes. Betterment is an SEC-registered investment adviser (CRD #149117), which means it is held to a fiduciary standard and must act in its clients' best interest. Verify its current status on the SEC's Investment Adviser Public Disclosure (IAPD) site.

How is Betterment compensated?+

Betterment reports a fee-only compensation model on its Form ADV. Fee-only advisers are paid by their clients (for example, a percentage of assets managed) and do not earn commissions. Exact fee rates and account minimums are disclosed in the firm's Form ADV Part 2A brochure.

How much money does Betterment manage?+

Betterment reported approximately $69.5B in regulatory assets under management as of its most recent Form ADV filing.

Does Betterment have any disclosures?+

Betterment reported one or more disclosure events on Form ADV Item 11 (regulatory action). A disclosure is not by itself a finding of wrongdoing; review the full Disclosure Reporting Pages on the SEC IAPD site.

This profile is generated from publicly available SEC filings. Betterment has not verified or endorsed this information. Last updated from filings: January 1, 2026. View the official filing at SEC IAPD.

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