Betterment, which claims to be one of the largest independent digital investment advisors in the United States, announced that it has acquired the automated investing business of Ellevest, the investing and wealth management company built by and for women.
Betterment says it serves 900,000+ customers throughout the United States and “manages more than $55 billion in assets.”
This announcement follows other recent Betterment acquisitions, including the “acquisition of Wealthsimple’s US advisory accounts in 2021 and Goldman Sachs’ Marcus Invest accounts in 2024.”
Sarah Levy, Betterment CEO said:
“This acquisition further cements our leadership in the digital investing space. We look forward to welcoming Ellevest’s clients to Betterment and to continuing to support them on their wealth-building journeys.”
Dr. Sylvia Kwan, Ellevest CEO and CIO said:
“As we focus on our growing wealth management and financial planning business, Betterment was the natural home for our digital-first clients. On top of automated investing, Betterment offers features that many of our digital clients have expressed interest in, including joint accounts and other cash account options. We built a platform that makes it easy to invest in a way that works for our clients’ needs, goals, and values — and the same is true of Betterment under the leadership of their CEO, Sarah Levy.”
Betterment offers a combination of technology and “support to meet customers where they are.”
Ellevest clients who transfer their accounts to Betterment will take advantage of “automated investing, diversified portfolios, and valuable tax-smart tools.”
They will also have access to a “range of account types, planning tools, educational resources and human advisors.”
Subject to certain closing conditions, Ellevest will “transfer their automated investing accounts to Betterment on or about April 17, 2025.”
Clients will have the option to “opt out of this transfer if they choose to do so.”
Betterment will only be “acquiring Ellevest automated investing accounts and assets under management; it will not be acquiring any additional accounts, technology, employees, or operations as a part of the transaction.”
With a mission to get more money in the hands of women, Ellevest will continue to offer financial planning and wealth management “services to high and ultra-high net worth individuals, families, and institutions looking to invest $500,000 or more.”
Betterment LLC claims it is among the largest independent digital financial advisors, using “automated technology powered by human expertise to fulfill a singular mission: making people’s lives better.”
Launched in 2010, Betterment explains that it helps more than “900,000 customers manage over $55 billion in assets.”
Betterment’s product offering includes “taxable investing, retirement, high-yield cash, tax smart tools, 401(k) solutions for growing businesses, and service and solutions for Independent Advisors.”
As noted in the update, Ellevest was founded in 2014 by Sallie Krawcheck with a mission to “get more money in the hands of women.”
Named one of the “fastest-growing” fee-only Registered Investment Advisors in the US with assets of $1 billion+, Ellevest’s team of financial advisors and planners helps clients build and “manage their wealth through intentional impact investing and financial planning.”