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Robo-Adviser Betterment Hits the $5 Billion Mark

The pioneer of automated investing taps Amy Shapero in the new role of chief financial officer.
Photographer: Thomas M. Scheer / EyeEm/Getty Images/EyeEm

Betterment LLC has surpassed $5 billion in assets under management, the first independent robo-adviser to do so, as financial technology startups broaden the reach of investing services and offer lower fees than many traditional wealth managers.

The pioneer of automated investing is still a small player in the multitrillion-dollar wealth management industry but has seen substantial growth since it was founded in 2008. Assets under management were $1 billion just 18 months ago, before new clients signed up and current members added funds to their accounts, said Jon Stein, the co-founder and chief executive officer.