#259 Revolutionizing Financial Services with Betterment CEO Jon Stein

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#259 Revolutionizing Fin Services with Betterment CEO Jon Stein

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Betterment CEO and founder Jon Stein is revolutionizing the way financial services are delivered and consumers are the beneficiaries of his vision. Jon founded Betterment, a so-called "Robo-Advisor"  in 2008 in order to help consumers invest the way they should, rather than trying to beat the market. Jon notes that "We tend to think we’re better than average, on average. We intuitively think we can outperform. The whole brokerage and investment industry has grown to serve these irrational behaviors—and as a result, they don’t serve the individual consumers’ best interests. I started Betterment to re-invent the investing industry." Boy, has he ever--Betterment allows users to rationally approach investing by seeking the best return (factoring costs) for the least risk.

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It was great to have Jon on show, especially after appearing on CBS This Morning to discuss "When is the Right Time to Hire a Financial Advisor".

While Betterment started as an automated platform to help investors create a customized asset allocation plan, it has now evolved into an advice-driven organization. (For those who want a deep-dive on the evolution of financial services, check out this LinkedIn webcast, where Jon appeared with other leaders in the industry.) If I sound like I am fawning over Jon's business, I AM! After years in this business, it is terrific to see people like Jon (and Hart Lambur of Open Folio, Hardeep Walia of Motif Investing and Mitch Tuchman of MarketRiders) shaking up the industry. Jon also discussed how the Department of Labor's new rule, which will require any advisor managing retirement assets to be held to the Fiduciary standard, is likely to force the industry to FINALLY put clients first.

Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:

  • Call 855-411-JILL and we'll schedule time to get you on the show LIVE