Betterment, one of the US’ most prominent independent digital investment advisors, announced that it had agreed with Goldman Sachs to acquire Marcus Invest’s digital investing accounts. Marcus Invest, offering digitally customized investment portfolios to consumers, will transfer these accounts to Betterment in the coming months.
Betterment launched its digital investing platform over a decade ago and now serves over 850,000 customers and manages over $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 focusing on its growing Marcus Deposits platform, which serves over three million customers globally and has over $100 billion in consumer deposits.
Betterment features sophisticated 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 various account types, planning tools, educational resources, and human advisors if they wish.
Following the closing of 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 acquire Marcus Invest accounts and assets under management; it will not acquire any additional accounts, technology, employees, or operations as a part of the transaction.
KEY QUOTES:
“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.”
– Sarah Levy, Betterment’s CEO
“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.”
– Marcos Rosenberg, global head of Goldman Sachs Marcus
