Leading wealthtech firm Betterment has finalized a deal to acquire the robo-advisory division from women-focused financial platform Ellevest. The terms of the transaction are undisclosed. “This acquisition further cements our leadership in the digital investing space,” remarked Sarah Levy, Betterment’s CEO. “We look forward to welcoming Ellevest’s clients to Betterment and to continuing to support them on their wealth-building journeys.”
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. – Sarah Levy
Ellevest, established in 2014 by former Wall Street executive Sallie Krawcheck, has developed into a top fee-only RIA, managing over $1B in assets. Post-acquisition, Ellevest will maintain its wealth management practice serving affluent clients with $500K+ to invest, while divesting its robo-advisory accounts.
“As we focus on our growing wealth management and financial planning business, Betterment was the natural home for our digital-first clients,” explained Dr. Sylvia Kwan, who leads Ellevest as 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.”
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. – Dr. Sylvia Kwan
Jon Stein and Eli Broverman‘s Betterment, founded in 2010, has evolved into a digital investment advisory giant with 900,000+ customers and $55B+ under management. The firm has strategically expanded through several acquisitions in recent years, absorbing Wealthsimple‘s US accounts in 2021 and Goldman’s Marcus Invest portfolio in 2024. This latest transaction continues Betterment’s consolidation strategy in the increasingly competitive digital advice marketplace, though it specifically excludes Ellevest’s proprietary technology, staff, and operational assets.
The integration is scheduled for completion by mid-April pending regulatory approval. Transferred clients will receive access to Betterment’s suite of robo-advisory tools, portfolio options, tax optimization features, and financial advisory services.
