Jon Stein

Because we will tax optimize for you.

We will behaviorally optimize for you.

We will shield your dividends for you.

What does that mean?

I would suggest you come to Betterment.com and read the dozens of white papers, blog posts, research, all the evidence that we have about the way we invest and how it's better than anything else you can do with your money.

Well, we can do all of these things because we are an advisor.

Our role is to maximize our customers' money.

That's our job.

It's our commitment to our customers.

Vanguard is a fund company.

Vanguard sells you funds.

We are independent from our funds.

We are able to choose.

We choose many Vanguard funds, but we choose the best funds from all the providers who are out there.

And our role is to maximize your money across those funds.

That's not the role that mutual fund companies play.

Not exactly.

So I would compare an all-in net return number.

And I would think about that 0.25% being more than made up for in the tax optimizations alone, plus the behavioral optimizations, the diversification, and the ease of use that we give you are worth a lot more on top of all of that.

It is.