Close Your Betterment Account Today: Why and How to Move Your Investments

Are you considering closing your Betterment account? You're not alone. Many investors have found that Betterment's fees, limited investment options, and subpar customer service don't justify keeping their money with the company.

Why Close Your Betterment Account?

1. High Fees

Betterment's fees are higher than many other investment platforms. The company charges a management fee of 0.25% to 0.40% of your assets, plus additional fees for advisory services and other features. These fees can eat into your investment returns over time.

2. Limited Investment Options

Betterment offers a limited range of investment options compared to other platforms. You can only choose from a few pre-built portfolios, which may not meet your specific investment needs.

3. Subpar Customer Service

Many investors have complained about Betterment's customer service. The company has been slow to respond to inquiries, and some customers have reported being unable to reach a live representative.

Benefits of Closing Your Betterment Account

1. Lower Fees

There are many investment platforms that offer lower fees than Betterment. You can find platforms that charge as little as 0.03% in management fees.

2. More Investment Options

Other platforms offer a wider range of investment options, including stocks, bonds, mutual funds, and ETFs. You can customize your portfolio to meet your specific investment goals.

3. Better Customer Service

Many other platforms offer excellent customer service. You can expect to get quick and helpful responses to your inquiries.

How to Close Your Betterment Account

To close your Betterment account, you can follow these steps:

1. Log in to your Betterment account.
2. Click on the "Settings" tab.
3. Scroll down to the "Account Closure" section.
4. Click on the "Close My Account" button.
5. Follow the instructions on the screen.

Alternative Investment Platforms

If you're looking for an alternative to Betterment, there are many other investment platforms available. Here are a few of the most popular:

1. Vanguard

Vanguard is one of the largest and most reputable investment platforms in the world. The company offers a wide range of low-cost investment options, including index funds and ETFs.

2. Fidelity

Fidelity is another large and well-respected investment platform. The company offers a wide range of investment options, including stocks, bonds, mutual funds, and ETFs. Fidelity also offers a variety of educational resources and tools to help you make informed investment decisions.

3. M1 Finance

M1 Finance is a newer investment platform that has quickly gained popularity. The company offers a unique "pie" approach to investing, which allows you to create custom portfolios with fractional shares of stocks and ETFs.

FAQs

1. Will I be charged a fee to close my Betterment account?

No, Betterment does not charge a fee to close your account.

2. How long will it take to close my Betterment account?

It usually takes 3-5 business days to close your Betterment account.

3. What happens to my investments when I close my Betterment account?

Your investments will be liquidated and the proceeds will be transferred to your bank account.

4. Can I reopen my Betterment account if I change my mind?

Yes, you can reopen your Betterment account within 12 months of closing it.

5. What are the best alternatives to Betterment?

Some of the best alternatives to Betterment include Vanguard, Fidelity, and M1 Finance.

6. How do I choose the right investment platform for me?

Consider your investment goals, fees, investment options, and customer service when choosing an investment platform.