Betterment, the largest independent digital investment advisor in the United States, today announced that it has acquired the automated investing business of Ellevest, the investing and wealth management company built by and for women.
Betterment today serves more than 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.
"This acquisition further cements our leadership in the digital investing space," said Sarah Levy, Betterment CEO. "We look forward to welcoming Ellevest's clients to Betterment and to continuing to support them on their wealth-building journeys."
"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," said Dr. Sylvia Kwan, Ellevest CEO and CIO. "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 powerful technology and personalized support to meet customers where they are. Ellevest clients who transfer their accounts to Betterment will enjoy 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.