Unacceptable 67% fee increase by Betterment
Buried in an email about new product offerings from Betterment was a substantial fee increase for their $10,000 and up customers:
Each plan will cost a simple, flat rate. Starting June 1, your Digital plan will be 0.25% per year of your average balance. In addition, we're eliminating our monthly minimum fee, and eliminating our fees on all balances above $2 million. Furthermore, all plans are backed by our new Satisfaction Guarantee.
The fee increase was hidden under the banner of a "New Betterment service plans for 2017" titled email. There is no mention of a fee increase in the announcement email whatsoever.
This changes the current "digital" customer tier from 0.15% to 0.25% or a 67% increase in annual fees. This is NOT a modest increase in fees. Many customers, myself included, moved away from the traditional advisors and companies specifically to avoid exorbitant fees and increases.
This petition asks that Betterment reevaluate their new pricing structure, improve communications about fee changes, and rollback the massive increase for longstanding customers.
Unacceptable fee change by Betterment
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