EXCLUSIVE – Roboadvisors are common knowledge in the financial world nowadays. But eight years ago, that wasn’t the case. Just ask Jon Stein, founder and CEO of the first roboadvisor, Betterment.

A graduate from Harvard University and Columbia Business School, Stein came up with the idea of automated investing on a digital platform as a freshman in college. When Stein first pitched to some industry veterans, “many thought it wouldn’t work, mainly because it was so simple,” Stein told Bank Innovation.

But Stein knew he was on to something, so he taught himself how to code and then with a help of a few people, who continue to play key roles at the company, formed Betterment in 2008.

Then in 2010, Stein demoed Betterment at TechCrunch Disrupt and won. Betterment went live nationwide.

Since then, Betterment has come a long way, with more than 340K customers and $13.5 billion dollars under management.

“The goal has always been to make people’s lives better,” Stein said. “And given my educational and professional background, finance seemed to be a logical place to make that difference.”

As a CFA charterholder and adviser to both banks and brokers on risk and products, Stein noticed there was “a strong opportunity,” to democratize investing, which for the longest time was reserved for a very small population.

The notion that investing is difficult and tedious, and requires a lot of money was something that Stein wanted to disprove.

“Auto-investing is for everyone,” he said.

And now that Betterment has played a role in establishing that axiom, Stein wants to further fine tune that notion. Perhaps that’s why he started an income-based retirement IRA account, among other products.

The distinguishing factor for Betterment is allowing users to have a personalized, but seamless experience on the platform. This was the reason for Betterment’s including socially responsible portfolios for its users.

But more importantly, Stein wants his customers “to know we are on their side,” he said.

Stein had previously told Bank Innovation, and more recently reiterated, that Betterment has “no incentive for the fund recommendations” it makes.

“We are an advisor and we are paid no fees. We are indifferent to the funds that our clients choose,” he said.

More on that here.

Right now, Stein is interested in cash-flow management and financial management, and the ways in which those concepts can be incorporated in the same efficient manner into a customer’s daily life via Betterment.

In other words, stay tuned for more to come from New York-based Betterment, and its ringleader and key innovator, Jon Stein.