Acquiring Online Investment Accounts: Betterment’s Deal with Goldman Sachs

Betterment, a leading independent digital investment advisor in the US, recently announced its acquisition of Marcus Invest’s digital investing accounts from Goldman Sachs. Marcus Invest, known for providing digitally customized investment portfolios, will be transferring these accounts to Betterment in the coming months.

With over a decade of experience, Betterment currently serves more than 850,000 customers and manages assets totaling over billion. The company’s expertly crafted portfolios, dedication to customer service, and user-friendly technology align well with the needs of Marcus Invest customers as they work towards their financial objectives.

Goldman Sachs will shift its focus to the Marcus Deposits platform, which caters to over three million customers worldwide and holds over 0 billion in consumer deposits.

Betterment offers advanced technology and personalized assistance to meet the unique needs of its customers. Marcus Invest clients who transition their accounts to Betterment can take advantage of automated investing, diversified portfolios, tax-smart tools, various account options, planning resources, educational materials, and the option to consult with human advisors.

The digital investing accounts are set to be transferred to Betterment by June 29, 2024, pending the fulfillment of standard conditions. Customers will have the choice to opt out of the transfer if they prefer. It is important to note that Betterment will only be acquiring the accounts and assets under management from Marcus Invest and will not be taking on any additional accounts, technology, employees, or operations as part of the deal.

CEO of Betterment, Sarah Levy, expressed her excitement about the acquisition, stating, “This acquisition further solidifies our position as a leader in the digital investing arena. We look forward to welcoming these customers to Betterment and supporting them on their investing journeys through our scalable technology platform.”

Global head of Goldman Sachs Marcus, Marcos Rosenberg, also commented on the transition, saying, “As we shift our focus to our Marcus Deposits platform, we wanted to ensure a smooth transition for our digital investment advisor customers. Betterment stood out as the ideal choice due to our shared commitment to customer satisfaction. We remain dedicated to offering top-notch products and experiences to our Marcus Deposits clients.”