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Betterment
Overall Satisfaction Rating
2.00/5
  • 5 stars
    5
  • 4 stars
    1
  • 3 stars
    2
  • 2 stars
    6
  • 1 stars
    19
Based on 33 ratings
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      Betterment Reviews

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      Page 2 Reviews 11 - 20
      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.

      15 people found this review helpful
      Rated with 1 star
      profile pic of the author
      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!

      51 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.

      37 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.

      20 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Nov. 8, 2018

      I've had two accounts invested with Betterment for more than a year. Both were mostly invested in stock ETFs and both generated returns far below their comparable benchmarks. The service is very easy to use and the website on a computer and mobile apps are well designed. But there are much better alternatives, including high yield money market accounts, that provide far superior returns.

      25 people found this review helpful
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      Rated with 1 star
      Verified Reviewer
      Original review: Nov. 7, 2018

      Looks like Betterment has mafia style methods. I opened an IRA account with Betterment and they made it very easy for me to transfer my IRA account from TD. They said all I had to do is sign a paper to authorize the transfer and they would take care of everything else. But, they failed to disclose that my previous company (TD) may charge me a transfer fee!!! TD charged me $75 and Betterment didn’t even bother mentioning it before initiating the transfer! All they want is your money!!! Scam company!!!

      They will take your money and make you transfer and then won’t give a damn about you! STAY AWAY!!! And, most companies reimburse accounts that get transferred to them (to avoid this concussion) but Betterment wouldn’t give a dollar! SCAM company!!!! Will never deal with them again and will take my money out of there!!!

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      24 people found this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: Oct. 6, 2018

      My account was growing slowly earlier in the year (2018) and then the market took a nice upturn. As the Dow hit a record high I took a look and my account is down $800+ since May?!?! In this bull market I am losing money? My other accounts are both way up. I can’t imagine what Betterment is doing with my money so I am closing my account and moving on to someone else.

      37 people found this review helpful
      Rated with 2 stars
      profile pic of the author
      Verified Reviewer
      Original review: Sept. 19, 2018

      I have been with Betterment for almost a year and my annual returns are -1.1%, This is after factoring in $40 dollars of dividends I've earned and I'm still down -1.1%. I plan on having this account for a while so hopefully I see some turn around, I even changed my portfolio to very conservative so I could see some sort of return but nothing. I started my acorns account a year ago and have also switched it to a conservative portfolio and now have a 1.9% return. I wish I used Acorns for all of my accounts instead.

      24 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: June 26, 2018

      You will jump through hoops to get your money out... I tried to withdraw my funds, they want to insist on conference calling the bank to verify account ownership...over 25k in deposits from the account. How many people do you know that would deposit funds into someone else's brokerage account? Did I mention they recently got fined for how they handle their customers money? I agree with the person who made the comment that all they do is buy Vanguard funds... If that's all they do, then I'll just open an account with Vanguard and buy the funds directly from them for free; no trade fees. Shady... Shady... Shady...

      27 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: May 24, 2018

      Our company recently moved the 401K funds from Fidelity to Betterment and I wanted all my other funds in one place. I worked to move funds and they put my money in an account that I did not want. When I called they said it would take some time to transfer, I would need to fill out forms, AND then to speak to a 401K specialist. I would have to download the APP and communicate via the messenger link on the APP - ONLY on the app not the website (???). After doing this, the message I received was that someone would be in touch with me in 3 to 4 business days! Is this a pop-up shop investment company?? I immediately moved my money back to Fidelity!

      28 people found this review helpful
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      Betterment Company Information

      Company Name:
      Betterment
      Address:
      61 W. 23rd Street, 5th Floor
      City:
      New York
      State/Province:
      NY
      Postal Code:
      10010
      Country:
      United States
      Phone:
      (888) 428‑9482
      Website:
      www.betterment.com
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