Betterment co-founder and president Eli Broverman has given up day-to-day operation of the digital advice firm to devote his time and energy to finding new technology firms to build.
"As Betterment has moved into growth stage, I've gotten the itch to get back to that early stage," Mr. Broverman
wrote in a LinkedIn post on Monday. "Call me a masochist, but I love the roller coaster."
Mr. Broverman, who co-founded Betterment with the firm's CEO Jon Stein in 2008, will remain on Betterment's board of directors, "and continue to work with the team on a few key projects that I can help guide."
"Outside of that, I'll be spending the next months finding a new adventure (or maybe a few)," he wrote.
Since its debut as a novel digital advice provider in 2010, Betterment has attracted about $7.4 billion in client assets to its retail, retirement and adviser channels. In January, Betterment also began offering
some live financial advice to its retail clients for an added cost.
It faces stiff competition from the robo, or hybrid platforms that financial giants Vanguard Group and Charles Schwab have introduced. Both of these have garnered more client assets to date than New York-based Betterment.
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Robo-advisers and human advisers adopt each others' biggest advantages)
Mr. Stein said in an email that Betterment would not exist without Mr. Broverman's "leap of faith" starting the company with him and that the two remain friends.
"I am grateful for the 10 years of service he gave to Betterment," he wrote. "I know he is as proud as I am of everything we've built together, and I'm excited to see what he'll do next."
No one will be taking on the role of president, Mr. Stein said.
