06 Feb Using App-Passwords to Sync MyRoboAdviser™ Account to Other Institutions
Prior to the internet and technology, everyone’s financial accounts were scattered across multiple institutions and when working with an advisor, you most likely had to bring an entire box full of paper statements. Nowadays, everything is online and there are multiple different websites you can utilize in order to “aggregate” your financial life in one location. Data aggregation is the general term for the process of streamlining, sharing, and storing financial information among financial institutions and financial applications. The primary reason why you would want to sync all of your accounts to one location is that it can provide a holistic view of all of your accounts as well as provide organization to your financial life.
Although there are benefits of data aggregation there are also some security risks to consider when sharing data across multiple institutions. The risk of one location being hacked or a data breach could potentially put all of your accounts at risk. One way to help prevent these headaches: app-passwords. An application-specific password, or app-password for short, is a password that gives an app or device read-only access to your data without providing full access to your account.
An app-password is generated by the financial institution that produces the data that you might want to share with a data aggregator or third-party application, (ie: Mint, Emoney, or another personal financial website). For example, when you try to link your MyRoboAdviser™ account to Emoney, Emoney will require you to utilize an app-password in order to connect the two accounts. Betterment, MyRoboAdviser™’s technological partner and custodian, will generate the app-password needed to sync the two accounts. Your username will stay the same but you will not be able to use the password you typically use to login, rather you will need to use the new 20-character app-password generated from Betterment. In addition to syncing your Betterment account to other financial websites, you are able to sync external accounts to Betterment to provide a full picture of your net worth on your Betterment dashboard.
How to Generate an App-Password at MyRoboAdviser™?
In order to generate an app password at Betterment, navigate to “settings” in the lower left of your screen and then select “security” in the menu bar. Scroll down and you will see “App Passwords” in the lower right side of your screen. When attempting to share your MyRoboAdviser™ account balance/data with other institutions, you will need to add the account as a “Betterment” account since Betterment is the custodian.
If you have any questions about holdings in your account or one of our models, or perhaps have another question about our services, you can contact us directly at 920.785.6012 or email us at email@example.com. MyRoboAdviser™ has partnered with Betterment for Advisers as our technology solution to provide our services to our clients. Betterment maintains a support line you can also call for help with navigation, linking your accounts or other site functionality. You can call the Betterment for Advisers support line at 800.400.1571.
Last updated February 5, 2019
Disclosures: Content contained herein is presented is for informational and educational purposes only and is not intended as an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies, nor shall it be cDisclosures: Content contained herein is presented is for informational and educational purposes only and is not intended as an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies, nor shall it be construed to be the provision of individualized investment, tax or legal advice. onstrued to be the provision of individualized investment, tax or legal advice.
My Robo Adviser is a digital investment service advised by ETF Model Solutions, LLC. Investments recommended by My Robo Adviser™ involve risk and will fluctuate in value. Unless otherwise stated, investments are not insured or guaranteed. May lose money. My Robo Adviser™ utilizes the platform and technology services of Betterment LLC, an SEC Registered Investment Adviser. Betterment provides the wrap fee program that assists us in providing our services to you. Custody and trading services for the program are provided by Betterment Securities, an SEC registered broker-dealer and member FINRA/SIPC.
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Prospective clients contemplating opening an account with My Robo Adviser™ are advised to read My Robo Adviser’s Form ADV Brochure, Part 2A for important disclosures about our services, business practices, the costs and risks of investing, and other important considerations prior to opening their account. You can access the most recent version of our Form ADV via a link on our website.
ETF Model Solutions, LLC. is registered as an investment adviser with the SEC. Registration does not imply a certain level of skill or training. If you have any questions about our professional services, please call us at 920.785.6012 or email support@MyRoboAdviser.com