Press Release

Betterment Acquires Ellevest's Automated Investing Business

Issued by Betterment at Work

Feb. 27, 2025

New Customers and Assets to Expand Scale of Betterment's Award-winning Retail Platform

NEW YORK -- 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.

For more information, please visit www.Betterment.com.

About Betterment Betterment LLC ("Betterment") is the largest independent digital financial advisor, using automated technology powered by human expertise to fulfill a singular mission: making people's lives better. Launched in 2010, today Betterment helps more than 900,000 customers manage over $55 billion in assets. Betterment's expansive 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. 

About Ellevest Ellevest was founded in 2014 by Sallie Krawcheck with a mission to get more money in the hands of women. Named the 8th fastest-growing fee-only Registered Investment Advisor in the US with assets of $1 billion+, Ellevest's team of all-women financial advisors and planners helps clients build and manage their wealth through intentional impact investing and financial planning. Visit ellevest.com for more information.

Additionally, this release should not be interpreted as an endorsement or testimonial by Ellevest or Betterment.

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