Betterment Waives Platform Fees Through 2028 to Poach Fidelity RIA Clients
As seen on the 24/7 Wall St. homepage on October 6, 2026.
A three-year fee holiday aimed straight at advisors squeezed by Fidelity's higher minimums shows custody economics in the RIA market are being bid toward zero.
Interesting: Betterment is waiving its platform fee through the end of 2028 for new Fidelity RIA firms that add Betterment as a custodian. Fidelity recently raised minimums on advisors. https://t.co/639mTGLcWf
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Betterment is offering new RIA firms that currently custody with Fidelity a complete waiver of its platform fee through the end of 2028 if they add Betterment as a custodian. The move is a direct response to Fidelity's recent decision to raise its minimums on advisors, which has left some smaller RIA firms looking for alternatives.
By targeting advisors already under pressure from Fidelity's higher minimums, Betterment is positioning itself as a ready-made exit ramp, and a free one at that for nearly three years.
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For the RIA custody market more broadly, a multi-year fee holiday of this kind signals how aggressively platforms are competing for advisor relationships. Custody economics, long a source of steady revenue, are being bid toward zero as newer entrants use fee waivers as a primary acquisition tool.
A waiver running through 2028 gives Betterment time to embed itself deeply in an advisor's workflow before the fee question ever comes up, making the real bet a long-term one on retention.