Betterment to acquire digital investing accounts from Goldman Sachs

Betterment, a NYC-based independent digital investment advisor in the United States, announced that it has reached an agreement with Goldman Sachs to acquire Marcus Invest’s digital investing accounts. Financial details of the agreement were not disclosed.

Marcus Invest, which offers digitally customised investment portfolios to consumers, will transfer the accounts to Betterment in the following months of this announcement.

Subject to customary closing conditions, the digital investing accounts will be transitioned to Betterment on or about 29 June 2024. Customers will have the option to opt out of this transfer if they choose to do so. Betterment will only be acquiring Marcus Invest accounts and assets under management; it will not be acquiring any additional accounts, technology, employees, or operations as a part of the transaction.

How the deal benefits customers

Marcus Invest customers who transfer their accounts to Betterment will get access to 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, if they wish.

Commenting on the news, executives from Betterment said this acquisition further cements their position in the digital investing space.

Launched in 2010, Betterment is an independent digital financial advisor, using automated technology empowered by human expertise to provide saving, investing, and retirement solutions. The company serves more than 850,000 customers to manage over USD 45 Billion with curated selections of investing portfolios, personalised guidance, and tax-smart tools.