“We’re doing everything,” says Stein. “We’re doing recordkeeping. We’re doing advice. We’re doing the participant account opening. We’re an end-to-end bundled solution and no one has done this [full offering] since Fidelity came into the space.” In service of this vision, Betterment has hired dozens of new employees from the retirement arena and has rented a new floor in its Silicon Alley headquarters to house them. The 401(k) program will use a built-from-scratch platform and will serve as the record keeper, advice-giver and fund-picker. Betterment charges about 60 basis points and the firm will serve as a fiduciary to plan sponsors offering low-cost ETFs on its platform, which the company says is open-architecture.

http://www.riabiz.com/a/4999770036764672/betterment-jumps-headlong-into-the-401k-business-spurred-by-a-conviction-that-even-vanguard-group-is-unfriendly-to-investors-in-this-arena