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Betterment, the largest robo-advisor in the United States, announced its agreement to acquire Marcus Invest digital investment accounts from Goldman Sachs.
This move will result in Marcus Invest customers moving to Betterment in the coming months, integrating them into an already extensive customer base of over 850,000 and managing over $45 billion in assets.
What is improvement?
Betterment is at the forefront of digital investing, taking a customer-centric approach that combines sophisticated technology with personalized financial advice. The acquisition of Marcus Invest accounts is intended to further strengthen Betterment's market position by acquiring a portfolio that complements its existing services and ethos.
Sarah Levy, CEO of Betterment, expressed excitement about the acquisition, noting, “This acquisition further solidifies our leadership position in digital investing. We are excited to welcome these customers to Betterment, where our scalable technology platform will continue to support them in their travel investments.”
Marcus Invest clients can expect a seamless transition to Betterment's platform, which offers a mix of automated investment tools, diversified portfolios and tax-smart strategies. Additionally, the transition provides access to a range of planning tools, educational resources and the ability to consult with human advisors.
The transfer of digital investment accounts is expected to occur on or about June 29, 2024, subject to customary closing conditions. Customers will have the option to decline the transfer if they choose not to transfer their accounts to Betterment. Importantly, the transaction only includes Marcus Invest's accounts and assets under management; This is not a transfer of technology, employees or other operational components.
What about Marcus from Goldman Sachs?
Goldman Sachs will focus more on its Marcus Deposits platform. This business has experienced significant growth, serving over three million customers worldwide and managing over $100 billion in consumer deposits.
See where Marcus ranks on our list of the best high-yield savings accounts.
Commenting on the transition, Marcos Rosenberg, global head of Goldman Sachs Marcus, said: “As we increasingly focus on our growing Marcus Deposits platform, we decided to diversify from our digital investment advisor offering and wanted to find a great home.” For these customers, Betterment was the obvious choice because of our strong 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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