Betterment announces Acquisition of Wealthsimple’s U.S. Investment Advisory Book of Business

Betterment, the largest independent online financial advisor, announced on Thursday it has acquired Wealthsimple’s U.S. book of business. Betterment reported that through the acquisition, Wealthsimple will transfer all of their existing U.S.-based customers to the Betterment platform, and will no longer support accounts based in the U.S. Accounts will be transitioned by June of 2021.

Betterment further revealed that Wealthsimple customers who decide to move forward with transferring their accounts over to its platform will receive access to cutting-edge technology and personalized, expert advice to help them continue to reach their financial goals.

“Wealthsimple customers will have the option to opt out of this transfer if they choose to do so. Betterment will only be acquiring Wealthsimple’s U.S. based customers and their account assets; they will not be acquiring their technology, employees, or operations as a part of this deal.”

Speaking about the acquisition, Sarah Levy, who recently became Betterment’s CEO, stated:

“We are excited to bring these customers on board and help them secure a better financial future. This was an excellent opportunity for us to grow our customer base, and we’ll continue to be aggressive in opportunities that accelerate our business goals.”

In regards to Wealthsimple’s plans after the acquisition, Michael Katchen, Co-founder and CEO of Wealthsimple, added:

“As we shift our focus to our Canadian business for the time being, finding a partner for our US business that shared our commitment to putting clients first was our top priority. It’s been a privilege to serve our US clients, and we’re confident that their investments will continue to be in good hands with Betterment.”

Founded in 2010, Betterment claims it is built to help its users make the most of their money – today, tomorrow, and beyond – through personalized, expert advice; automated money management tools; and tax-smart strategies that help keep taxes low across accounts.

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