Betterment acquires Wealthsimple’s US investment advisory book of business

Online financial services company Betterment announced that it has acquired Wealthsimple’s US book of business. In the coming months, Wealthsimple will transfer all of their existing US-based customers to Betterment, and will no longer support accounts based in the US.

Accounts will be transitioned by June of 2021. Wealthsimple customers will have the option to opt out of this transfer if they choose to do so. Betterment will only be acquiring Wealthsimple’s US based customers and their account assets; they will not be acquiring their technology, employees, or operations as a part of this deal.

“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.” – Sarah Levy, Betterment’s CEO.

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