Betterment for Business Adds Ex-DOL Official to Advisory Board

(Related on ThinkAdvisor: Why a Diluted Fiduciary Rule Is Bad for Advisors: Betterment, CFP Board)

Betterment has been a vocal supporter of the fiduciary rule. In his last comment letter on the then-proposed 60-day delay of the rule from the April 10 effective date — which the Labor Department subsequently implemented — CEO Jon Stein wrote that, contrary to arguments made by others in the financial industry, "investors will not be deprived of advice if the fiduciary rule becomes effective. To the contrary, investors will be far more likely to receive advice that is in their own interests — worthy of actually being called 'advice' — rather than conflicted pitches for high-fee products."

Mares and McKinnon join John Casey, director of global benefits at Google; Thomas Clark Jr., partner at The Wagner Law Group; Stig Nybo, retirement industry strategist; and Ray Kanner, former chief investment officer at IBM on the Betterment for Business advisory board.

Betterment for Business, which has been operating for more than two years, currently serves more than 300 retirement plans, according to a spokeswoman. Parent company Betterment manages $9 billion in assets across more than 250,000 accounts, including 401(k) accounts.