Funds

Review of Betterment Part 2: Opening the Account

Well, I promised it and here it is. I finally opened my account with Betterment! It was very easy to do and I took multiple screen shots during the account opening process. I decided to open an account with Betterment.com. They offer a simple investing account with no minimum balance and all transfers and trades are free. See more of the details of their business in the review of Betterment.com that I wrote.

Here is my experience with the account opening process. Let me know how yours goes also!

sign up at betterment.com

Welcome to Betterment

The first thing I did was to head over to Betterment.com.

Here is my personal experience with opening a Betterment account. The entire process took me about 10 minutes.

 

begin the sign up process

Once I clicked the sign up box I was sent to this page where I put in my email address and selected a password. Please excuse me while I pick a password. :)

enter personal information

The next page asks for some more personal information that is necessary to set up an account. I won’t show you that either. :) Only two more steps!

 

link to checking

The next thing I had to do was to link my checking account. And that was it, no papers to sign, no long and elaborate account opening process. It was very simple.

your account is open

Next I will show you what the account dashboard looks like once your account is open.

 

account dashboard

When I completed the account opening process, I was directed to my account dashboard. This is where I see my portfolio allocation. The default is set to 80% Treasury Bonds and 20% Stock Market. I changed my allocation to better suit my desired risk tolerance. If you are not sure what your allocation should be, there are two ways to select an allocation.

advice from Betterment a registered investment advisor

Betterment will ask you a few questions about what your goals are, the same way your financial advisor would do in their office. Then they will recommend an allocation. If you notice, I do not ever recommend stocks or give personal investment advice. That is because I am not a financial advisor. There are very strict rules surrounding investment advice. That’s the great thing about Betterment. As a registered investment advisor they are qualified to give advice. If you are interested in seeing how similar Betterment investors are allocated you can also see how your peers are investing.

advice from peers

Well, that is my experience with opening a Betterment.com account. What is your take on this type of account?

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  • http://onecentatatime.com/ SB @ One Cent At A Time

    so you finally got the paging worked! Nice review

  • http://barbarafriedbergpersonalfinance.com Barb Friedberg

    Thanks for the intro to a new product. Looks like an interesting option for investors.

    • http://www.FSYAonline.com FinancialSuccessforYoungAdults

      Yeah, I think it’s definitely a great option for the smaller investor who wants a financial advisor.

  • http://moneyguyzack.blogspot.com Zack Jones

    So now that you’ve had an account for a while how do you like the service?

    • http://youngadultfinances.com LaTisha Styles

      I definitely still love it. At tax time they sent the statement with the information I needed to file way ahead of schedule. I am starting to put more in the Roth however, because then I don’t have to worry about the divs and sale proceeds that come from rebalancing.

  • http://YoungFinances.com/ LaTisha Styles

    Yeah, I think it’s definitely a great option for the smaller investor who wants a financial advisor.