Betterment for Business Banks on Fiduciary Boost

The company's board has six well-known tech, 401k industry players

401k, technology, Betterment, retirement, fiduciaryBetterment adds two board members.

Who says robos can’t be fiduciaries?

Not Betterment—or more specifically, its defined contribution arm, who announced two high profile additions to their “Board of Advisors.”

Betterment for Business, the technology-led 401(k) provider, said Friday that Judy Mares and Laraine McKinnon have joined its board.

Mares most recently served as deputy assistant secretary for policy in the Employee Benefits Security Administration of the Department of Labor. During her DOL tenure, from 2013 until January 2017, Mares was a member of the leadership team that developed the fiduciary rule, the Department’s guidance on “ESG Investing and Shareholder Engagement,” and other initiatives.

Mares “has a strong affinity for unconflicted business models,” because of her work on the rule.

“At Betterment, there is no uncertainty about where the customer stands,” Mares said in a statement. “I’m proud to be part of a firm that puts its customers’ interests first.”

McKinnon, a long-time BlackRock veteran, most recently served as a “retirement readiness strategist.”

She built “defined contribution tools and analytics to support senior finance and human resources executives,” as well as top financial advisors.

“The 401k industry all agrees on the key elements leading to retirement readiness: save the right amount of money, diversify and minimize behavioral mistakes,” McKinnon said. “The Betterment for Business platform packages those elements into single solution, simplifying retirement planning and encouraging better outcomes for participants.”

Betterment for Business’ Board of Advisors now consists of six well-known technology and financial (401k) industry players, including Ray Kanner, former managing director and CIO of IBM; Thomas E. Clark, Jr., partner at The Wagner Law Group; Stig Nybo, retirement industry strategist; and John Casey, director of Global Benefits at Google.

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