RIABiz

News, Vision & Voice for the Advisory Community

RIABiz

Betterment hires an RIA chief who reframes the vision from 'robo' to 'one-throat-to-choke' custodian -- and viable Schwab competitor

Fresh off selling Upside to Envestnet, Tom Kimberly is Betterment Institutional's general manager and architect of a new vision

Author Brooke Southall November 19, 2015 at 12:31 AM
Admin:
no description available
Tom Kimberly: Incumbent custodians like Charles Schwab and others haven’t kept up.

Related Moves

InvestCloud CEO John Wise and management team ousted after VC investors grow impatient for long-promised deliverables that always seemed just over the rainbow

Dubbed an 'Envestnet killer,' the LA company has yet to deliver disruption from its $1 billion VC investment combined with roughly $1.5 billion of other motley gems.

April 26, 2023 at 11:25 PM

Jon Stein ousts himself as Betterment CEO and taps Sarah Levy, who joins an exclusive club of top women executives, with a mission -- an IPO

The co-founder of the New York robo-advisor headhunted the ex-Viacom brass through Harvard professors on the down low to ostensibly scale operations.

December 8, 2020 at 5:27 PM

Bill Crager makes critical hire of 'step back from the numbers,' Joshua Warren, replacing 'brother' Pete D'Arrigo at CFO; Warren had a big role at BlackRock -- Envestnet's biggest stakeholder

The Envestnet CEO gets 'very, very impressive' 43 year-old BlackRock exec; the New York asset manager happens to be Envestnet's largest stakeholder.

September 27, 2023 at 2:48 AM

Bill Crager shuffles the deck on management team created just seven months ago: Tony Leal is out of 'Big Three' inner circle, replaced by Morgan Stanley vet Rose Palazzo

The RIA software 'trailblazer' and co-founder of MoneyGuidePro has been working on departure for a year; will transition to a 'consultant,' company says

January 7, 2023 at 1:50 AM

See more related moves

Mentioned in this article:

Envestnet Inc
TAMP
Top Executive: Jud Bergman

Betterment, LLC
Financial Planning Software
Top Executive: Jon Stein

Upside
TAMP
Top Executive: Tom Kimberly




Stephen Winks

Stephen Winks

November 20, 2015 — 5:30 PM

Kimberly is correct on the importance of advisors relying on those serving in a co-fiduciary capacity, but he has overstated that Betterment has the capability to presently serve in a co-fiduciary capacity. Perhaps that is his aspiration, but if that assertion is repeated betterment users will have mislead their clients. Most advisory services platforms are more trading platforms than advisory services platforms. Prudent process authenticated back to statutory duties required is largely neglected. Thus, advisory services support as a co-fiduciary does not presently exist in any meaningful form. The responsibility is largely unfulfilled.The future goes to those seriously engaged in advisory services not transactions.

SCW
Stephen Winks

RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING


RIABiz Directory sponsored by:

Directory Sponsor Logo