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Overall Satisfaction Rating 1.95/5
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  • 1 stars
Based on 39 ratings

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    Betterment Reviews

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    Page 2 Reviews 10 - 20
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 9, 2019

    I had to have money transferred from my ex's betterment account from a divorce settlement. This was court ordered, strait up, split the account in half. Betterment has been a deterrent the entire time.

    o They refused to transfer the funds to any of my existing accounts saying I needed to create and account with them.
    o They did not understand the divorce process was different in different states and insisted we send them documents that did not exist.
    o They never informed me they had never received any documents weeks after an email said they were on the way.
    o They say they will email or call back, and they do not.
    o I am continuously told it will take just a few more days to find, or review the documents.
    o When I asked to talk to a supervisor, I was told one was not available.

    o When I asked to talk to the person I had been emailing who works in another department, I am told they do not answer the phone.

    This is a horrible business. I would not leave one cent of my money with them.

    Read full review
    22 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 5, 2019

    Betterment advertised a 2.69 savings account promotion guaranteed until the end of the year, yet they dropped the rate a week later to 2.43. Why did they advertise the rate as "guaranteed" through the end of the year if it would fluctuate. Totally misleading. I am assuming somewhere in the fine print, during the account opening process there was some small print explaining that the word guaranteed does not actually mean guaranteed - like when President Clinton said "It depends on what your definition of "is" is." What a SCAM.

    27 people found this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: July 31, 2019

    I've used several different investing platforms in the past and Betterment is hands down the most confusing one I've seen. There is very little (almost nothing) online regarding learning to use the platform. I suppose if your goal is that you'd like your portfolio to be 100% robo-invested, then this might not be a problem for you. However, if you're looking to robo-invest some assets but still manually invest on occasion, then Betterment is not worth the hype.

    17 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 29, 2019

    So-so performance on my portfolio, they made less than 9% on an aggressive (90% stocks) setting in a good financial year (2017). The worst part is they sent incorrect documents to the IRS claiming I had taken a distribution on an IRA. The customer service rep was also really rude when I enquired about this and asked me to consult a tax person. My CPA said it's their mistake. Won't be using them again.

    23 people found this review helpful
    Rated with 3 stars
    Verified Reviewer
    Original review: June 21, 2019

    I called CS for an explanation as to why my balance was different on 3 pages (overview, holdings, and performance). The activity page revealed no changes with credits or debits so it was not clear. After being told I'd be placed on a brief hold so they could obtain more information, the CS person came back after 6+ minutes and told me they didn't know the answer but would email me later. Seriously? Didn't know and couldn't obtain the answer over that hold time? This is the third issue with their website design and lack of information provided in a clear and concise manner by its functionality that customer support/service employees could not answer or resolve.

    19 people found this review helpful
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    Rated with 1 star
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    Verified Reviewer
    Original review: May 3, 2019

    I tested their approach by putting in a static amount of money in and not touching it for the last 4 years. I had a reasonably aggressive investment mix geared toward stocks with some bonds. The S&P was up quite a bit during that time. My returns with them were not-5% annualized-pretty marginal. Yes, they may have low fees but then that may not matter if they have low returns. Further when I attempted to roll out my IRA balance the process was beyond horrible. It took over 6 weeks of back and forth, back and forth! It was like we were back in the paper days, not electronic. By comparison, I did the same type of rollover with Fidelity and it took 3 days-all electronically-no phone calls, no e-mails whatsoever.

    29 people found this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: April 30, 2019

    I don't have a 401k at work so I needed to do something to prepare for retirement. After a bit of research I thought Betterment was a good choice. A few months later, I decided that I need more advice than what I am currently receiving (plus my lack of knowledge). On March 25th, my new financial advisor submitted the paperwork to get my funds transferred to their company. I have received several emails saying my funds are being transferred, then a couple days later I get an email saying the transaction could not be processed. When I call to speak to a live person I get the "all is good" speech. Then again I get an email saying there's a problem. THIS HAS HAPPENED 4 TIMES! It has now been over a month and I still have not received my funds. If you decided to go with Betterment, prepare yourself for a lengthy withdrawal or transfer process.

    26 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: Jan. 2, 2019

    I have had my Betterment account for the better part of 4 years. Today, with yet another stock market decline, I have learned this one very important fact: Betterment is not a robo advisor as we'd like to think. Here's what they actually do: They invest your money in a few ETFs, collect the dividends, and then sit on their hands and ride the waves of the stock market. They do absolutely nothing to protect what gains you may have earned. That is not a robo advisor. That's just a basic hedge fund. You and I can both do that but without the fees. They're trash and a complete scam. In 4 years, I am in the negative earnings category thanks to them doing nothing. That means all dividends earned are gone. And I've lost money to their fees. Again... A COMPLETE SCAM!

    63 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 11, 2018

    Like somebody said earlier, they are a mafia. You can easily join, but you won't leave. I submitted every single document they requested. They took over a month to do a simple transfer. I've dealt with other bigger brokerage companies doing the same transfers from my late husband's accounts and it was a smooth process. Not with Betterment. I had to jump hoops and go back and forth with them a million times for simple stuff. The kicker is when their "Estate" expert gave me a wrong information and tried to argue with me. I asked for agreement as to where she was getting her opinion/"robo" answer from, and as I thought, she did not have anything to back her "suggestion" which was wrong to my situation. I'm glad, I'm not their customer. Awful experience, stay away if you can.

    45 people found this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: Nov. 12, 2018

    I signed up for a promo for a t-shirt = never got it. I called and emailed. They lied. I signed up for airline miles. It took a LOT to get them! They promise, but don't deliver. Also not great results for 1/4 percent. I closed acct after a few months. Disappointing. Great website. GUI however.

    24 people found this review helpful
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    Betterment Company Information

    Company Name:
    61 W. 23rd Street, 5th Floor
    New York
    Postal Code:
    United States
    (888) 428‑9482