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Digital investing and financial planning platform
betterment.comLast updated
In short: Betterment expanded advisor offerings and faced a 1.4-million-customer data breach plus a $9 million SEC settlement.
Unauthorized access via social engineering affected marketing systems, exposing data of 1.4 million customers, mostly names and emails. Customer accounts remained secure. Enhancements to MFA and monitoring implemented.
The acquisition enhances portfolio management, direct indexing, and tax optimization for RIAs via Betterment Advisor Solutions. Integration begins in late 2025.
The deal adds new customers and assets to Betterment's platform. Ellevest clients can transfer accounts by April 17, 2025, with opt-out option. Betterment manages over $55 billion in assets.
The deal transfers digital investing accounts and assets to Betterment, expanding its customer base and scale. Transition expected around June 29, 2024.
A data breach at the fintech company Betterment has leaked the personal information of over 1.4...
A data breach at robo advisor Betterment may have compromised the personal information of 1.4 million customers.
Threat group ShinyHunters claimed responsibility for the attack, which reportedly targeted third-party platforms rather than Betterment's own systems.
The SEC alleged failures related to Betterment's tax-loss harvesting service lost money for about 25,000 clients.
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