Robo-advisor Betterment settles tax prices with SEC for $9 million

Robo-advisor Betterment settles tax prices with SEC for million

Critical Details

The $9 million settlement between Betterment and the U.S. Securities and Exchange Commission will be shared amongst about 25,000 of the robo-advisor’s consumers, with a median payout of about $100.
Betterment’s alleged failures had been related to “tax-loss harvesting,” a procedure widespread between monetary planners whereby taxes on financial commitment profits are decreased or eradicated by offsetting them with losses from other investments.
Impacted prospects will be notified of their compensation afterwards this year when the SEC approves a distribution approach, the company said.

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