Jon Stein had a problem. Despite degrees from Harvard and Columbia Business School, his first move as an individual investor was a total failure. That first stock pick? Enron, which was at the center of one of the biggest business scandals of our time, ending in bankruptcy.
Stein's solution? Find a better way to for investors to be successful. Stein talks about his decision to start Betterment in "How to Be a Financial Grownup: Proven Advice from High Achievers on How to Live Your Dreams and Have Financial Freedom".
His experience as an entrepreneur is instructional: He saw a need for a low cost easy to manage investing solution and set out to fill it. He tells #FinancialGrownup readers: "Be confident in your abilities and paint the picture of the future you want to see. "
Now almost a decade after he started the company, Betterment is the largest independent robo-advisor. The company has more than 195,000 customers and over $6 billion in assets under management. Part of the strategy is making investing easy and accessible. Fees can be as low as $3 a month- that's less than many of us spend on a cup of coffee each morning.
I had the privilege of moderating a panel with Stein recently at the Thomson Reuters Wealth Management Summit. There he told me and our audience his ambitious plans for Betterment, along with the challenges. I can't wait to see what he, and the Betterment team do next!