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Betterment, a US-based digital investment advisor, has acquired the automated investing business of Ellevest, a financial services firm focused on women.
The transaction does not include Ellevest’s other accounts, technology, employees, or operations.
Betterment, headquartered in New York, serves over 900,000 customers across the US and manages more than US$55 billion in assets.
This follows its previous acquisitions of Wealthsimple’s US advisory accounts in 2021 and Goldman Sachs’ Marcus Invest accounts in 2024.
Sarah Levy
“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.”
Ellevest, also based in New York, will continue offering financial planning and wealth management services for high-net-worth individuals, families, and institutions with at least US$500,000 to invest.
Its automated investing clients will be transferred to Betterment on or around 17 April 2025, subject to closing conditions. Clients may opt out of the transfer.
“As we focus on our growing wealth management and financial planning business, Betterment was the natural home for our digital-first clients,”
Dr. Sylvia Kwan
said Dr. Sylvia Kwan, Ellevest CEO and CIO.
“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.”
Ellevest clients joining Betterment will have access to automated investing, diversified portfolios, tax-efficient tools, planning resources, and human advisors.
