In May of 2015, I gave at talk at the MIT Fintech Conference about our work at Betterment using unprecedented data on investor behavior to close the "Behavior Gap". My main points were - Betterment is a novel platform to measure, understand, and influence retail investor behavior - Maximizing investor returns has to include returns net of taxes, fees, and behavior - Investors try to time the market, but the more they change their portfolio allocation, the worse they perform, on average - Experimental evidence in production shows that Betterment's Tax Impact Preview feature can reduce allocation changes, thus improving returns - Investors have a bias towards active management - Investors have a bias against taxes - Making the taxes incurred by actively managing more salient drives improved behavior <iframe width="560" height="315" src="https://www.youtube.com/embed/WYXSbCsoUXA?si=GBAIzzwNoR6RYQ_q" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>