This Startup Says Competition From A $2 Trillion Giant Is "Really Exciting"

BuzzFeed - Why Betterment’s founder Jon Stein couldn’t be happier that Charles Schwab is competing with him. Nichelle Stephens/flickr / Via flic.kr creativecommons.org One of America's financial giants is stepping directly onto a startup's turf, and its founder couldn't be happier. Charles Schwab, which controls $2.4 trillion worth of assets, announced Monday that it would launch an automated online investment advisor service, similar to that offered by the upstart Betterment (and its Bay Area based rival Wealthfront). "This is really really exciting for us," Betterment chief executive officer Jon Stein said in an interview with BuzzFeed News following the Schwab announcement. Schwab said today it will offer a service similar to Betterment's, all with no advisory fees or commissions. While Charles Schwab chief executive Walt Bettinger wouldn't name a specific rival when asked by analysts, the offerings are remarkably similar to its smaller competitor: automated