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Betterment acquires Wealthsimple’s U.S. book of business

By Pavithra R

March 05, 2021


Betterment acquires Wealthsimple’s U.S. book of businessBetterment, an American financial advisory company providing robo-advising and cash management services, has announced the acquisition of Wealthsimple’s U.S. book of business.

Under the agreement, Wealthsimple will transfer all of their existing U.S. based customers to Betterment and will no longer support accounts based in the U.S. The acquisition includes only Wealthsimple’s U.S. based customers and their account assets. Wealthsimple’s technology, employees, or operations are not part of the deal.

Betterment, known for being among the first automated investing services to enter the market, was chosen in a competitive process as the partner for this acquisition. Wealthsimple sought out an established company with a strong reputation, as well as a company that emphasizes its customers’ best interests.

“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,” said Sarah Levy, Betterment’s CEO.

Wealthsimple customers who decide to transfer their accounts to Betterment will receive access to cutting-edge technology and personalized, expert advice to help them continue to reach their financial goals. Accounts are expected to be transitioned by June of 2021. Customers will also have the option to opt-out of this transfer if they choose to do so. 

“As we shift our focus to our Canadian business for the time being, finding a partner for our U.S. business that shared our commitment to putting clients first was our top priority. It’s been a privilege to serve our U.S. clients, and we’re confident that their investments will continue to be in good hands with Betterment,” said Michael Katchen, Co-founder and CEO of Wealthsimple.

Betterment was founded in 2010, in the wake of a financial crisis, to be a place built to help people do what’s right with their money so they can live better. It is a smart money manager that offers everyday services for spending and saving, alongside their core investing & retirement solutions.

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