May
24
Robo-Advisers Battle Wall Street for Rich Investors
ByBetterment wants to stake a claim on the wealthy before big banks do.
Citigroup Inc. doesn’t think its richer customers will drop their high-priced money managers in favor of automated investing, but Betterment LLC is betting it can prove the big bank wrong.
The robo-adviser—the largest among independent digital advice startups that popped up after the 2008 financial collapse—has overhauled its entire brand. The shift in marketing and advertising strategy is aimed at attracting more affluent customers just now becoming aware of the option. It’s also not a coincidence that Betterment’s pivot comes as more traditional players such as Vanguard Group Inc., Charles Schwab Corp., and even JPMorgan Chase & Co. are starting to use more technology when offering investment advice…
