Betterment, the largest robo-advisor in the United States, announced its agreement to acquire Marcus Invest’s digital investing accounts from Goldman Sachs.
This move will see Marcus Invest customers transitioned to Betterment in the coming months, integrating them into an already substantial client base of over 850,000 and managing assets that top $45 billion.
What Is Betterment?
Betterment has been at the forefront of digital investing, championing a customer-centric approach that combines sophisticated technology with personalized financial advice. The acquisition of Marcus Invest’s accounts is poised to further enhance Betterment’s market position by absorbing a portfolio that complements its existing services and ethos.
Sarah Levy, CEO of Betterment, expressed enthusiasm about the acquisition, noting, “This acquisition further cements our leadership in the digital investing space. We are excited to welcome these customers to Betterment where our scalable technology platform will continue to support them on their investing journeys.”
Customers of Marcus Invest can expect a seamless transition to Betterment’s platform, which offers a blend of automated investing tools, diversified portfolios, and tax-smart strategies. Additionally, the transition will provide access to a suite of planning tools, educational resources, and the option to consult with human advisors.
The transfer of digital investing accounts is scheduled to occur on or about June 29, 2024, subject to customary closing conditions. Customers will be given the choice to opt out of the transfer should they decide against moving their accounts to Betterment. Importantly, the transaction includes only the Marcus Invest accounts and assets under management; it does not entail the transfer of technology, employees, or other operational components.
What About Marcus by Goldman Sachs?
Goldman Sachs will pivot to concentrate more on its Marcus Deposits platform. This area of their business has seen significant growth, serving over three million customers worldwide and managing in excess of $100 billion in consumer deposits.
See where Marcus stands on our list of the Best High-Yield Savings Accounts.
Marcos Rosenberg, global head of Goldman Sachs Marcus, commented on the transition, stating, “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. 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.”
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