US-based independent digital investment adviser Betterment has announced the acquisition of the automated investing business of Ellevest, an investment and wealth management firm focused on women.
The transaction will see Ellevest’s automated investing accounts transferred to Betterment on or around 17 April 2025, subject to conditions.
Founded in 2014 by Sallie Krawcheck, Ellevest focuses on financial services tailored to women. It has assets exceeding $1bn.
The firm is said to be ranked among the fastest-growing fee-only registered investment advisors in the US.
Ellevest expects to continue to provide financial planning and wealth management services to high-net-worth and ultra-high-net-worth individuals, families, and institutions with investable assets of $500,000 or more.
Ellevest CEO and chief information officer Sylvia Kwan said: “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.”
Clients will have the option to opt out of the transfer. Betterment will acquire Ellevest’s automated investing accounts and assets under management but will not take on its employees, technology, or operations as part of the deal.
Launched in 2010, Betterment offers a suite of financial services, including taxable and retirement investing, high-yield cash management, tax-efficient tools, 401(k) solutions, and services for independent financial advisers.
Currently, the firm manages over $55bn in assets for more than 900,000 customers across the US.
Betterment CEO Sarah Levy said: “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.”
The acquisition follows Betterment’s previous takeovers of Wealthsimple’s US advisory accounts in 2021 and Goldman Sachs’ Marcus Invest accounts in 2024.
