Betterment, the largest independent digital investment advisor in the U.S., has acquired Ellevest's automated investing business. The acquisition, set to be completed by April 17, 2025, will allow Ellevest’s digital investing clients to transfer their accounts to Betterment. These clients will gain access to automated investing, diversified portfolios, tax-smart tools, and a range of financial planning resources. Betterment, which serves over 900,000 customers and manages more than $55 billion in assets, has previously acquired Wealthsimple’s US advisory accounts in 2021 and Goldman Sachs’ Marcus Invest accounts in 2024. Betterment CEO Sarah Levy stated that the acquisition strengthens the company’s position in digital investing while continuing to support clients on their financial journeys.
Ellevest will continue to provide financial planning and wealth management services to high-net-worth individuals, families, and institutions investing $500,000 or more. The company, founded in 2014 by Sallie Krawcheck, remains committed to its mission of increasing financial opportunities for women. Ellevest’s CEO and CIO Sylvia Kwan noted, “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."
