By Kristin Brownsword

In April, 2018 Acorns introduced Acorns Later, a new customer IRA account option. The company announced the upcoming launch in late 2017 to existing accountholders.

Following the launch, Competiscan set out to document the customer onboarding experience for Acorns Later.

Acorns asked accountholders upgrading to Acorns Later four questions including

  1. Employment status
  2. Marital status
  3. Annual income
  4. Access to employer retirement plan

Acorns recommended 1 of 3 IRA types to the consumer based on their answers:

  1. Traditional IRA
  2. Roth IRA
  3. Simplified Employee Pension (SEP) IRA

The company charges $1 a month for Acorns Later in addition to its other account fees.

Competiscan clients can view the report here.

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