Robo-advisor Betterment has raised $100 million in new funding, according to a company release.
The news comes as the Department of Labor is preparing to finalize its fiduciary rule, which is expected to have massive ramifications on the small and midsize 401(k) plan market.
The proposed rule's sellers' carve-out would make all advisors to plans with fewer than 100 participants or less than $100 million in assets fiduciaries.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
