Betterment, the leading robo-advisor in the United States, has made a significant move by acquiring Marcus Invest’s digital investing accounts from Goldman Sachs. This strategic decision will see Marcus Invest customers seamlessly transitioned to Betterment in the coming months, adding to Betterment’s already impressive client base of over 850,000 and managing assets exceeding $45 billion.
Betterment has long been known for its innovative approach to digital investing, combining cutting-edge technology with personalized financial advice. The acquisition of Marcus Invest’s accounts is expected to further solidify Betterment’s position in the market by integrating a portfolio that complements its existing services and values.
Sarah Levy, CEO of Betterment, expressed excitement about the acquisition, emphasizing the company’s commitment to providing top-notch service to its customers. The transition to Betterment’s platform will offer Marcus Invest customers access to a range of automated investing tools, diversified portfolios, and tax-smart strategies, as well as the option to consult with human advisors.
Goldman Sachs, on the other hand, will shift its focus to its Marcus Deposits platform, which has experienced significant growth and currently serves over three million customers globally, managing over $100 billion in consumer deposits. Marcos Rosenberg, global head of Goldman Sachs Marcus, highlighted the decision to transition away from the digital investment advisor offering, stating that Betterment was the ideal choice to take over these accounts due to their shared commitment to customer satisfaction.
The transfer of digital investing accounts is set to take place around June 29, 2024, pending customary closing conditions. Customers will have the option to opt out of the transfer if they choose not to move their accounts to Betterment. This transaction solely involves the transfer of Marcus Invest accounts and assets under management, with no transfer of technology, employees, or other operational components.