Betterment to Acquire Digital Investing Accounts from Goldman Sachs

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

NEW YORK, April 22, 2024 /PRNewswire/ -- Betterment, the largest independent digital investment advisor in the United States, today announced that it has reached an agreement with Goldman Sachs to acquire Marcus Invest's digital investing accounts. Marcus Invest, which offers digitally customized investment portfolios to consumers, will transfer these accounts to Betterment in the coming months.

Betterment pioneered digital investing more than a decade ago, and today serves more than 850,000 customers and manages more than $45 billion in assets. Betterment's diversified, expert-built portfolios, commitment to service excellence, and easy-to-use technology make it a natural fit for Marcus Invest customers as they continue to build towards their financial goals.

Goldman Sachs will continue to focus on its growing Marcus Deposits platform which serves over three million customers globally and has well over $100 billion in consumer deposits. 

"This acquisition further cements our leadership in the digital investing space," said Sarah Levy, Betterment's CEO. "We are excited to welcome these customers to Betterment where our scalable technology platform will continue to support them on their investing journeys." 

Betterment offers a combination of powerful technology and personalized support to meet customers where they are. Marcus Invest customers 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, if they wish.

Subject to customary closing conditions, the digital investing accounts will be transitioned to Betterment on or about June 29, 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.

"As we increase our focus on our growing Marcus Deposits platform, we made the decision to transition away from our digital investment advisor offering and wanted to find a great home for those customers," said Marcos Rosenberg, global head of Goldman Sachs Marcus. "Betterment was the obvious choice for those accounts as we share a deep commitment to customer satisfaction. We look forward to continuing to serve our Marcus Deposits customers with great products and a great experience."

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. With easy-to-use saving, investing, and retirement solutions, Betterment is built to help people optimize their money, no matter their level of experience or how the market is doing. Launched in 2010, Betterment helps more than 850,000 customers manage over $45 billion with curated selections of low-cost, expert-built investing portfolios; personalized guidance; and tax-smart tools. The company has received multiple awards for its investing app, including Buy Side from WSJ (2024) and Bankrate (2024). Learn more and for additional disclosure on these awards, visit https://www.betterment.com/#award-disclosure.

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SOURCE Betterment