Ellevest, the investing and wealth management company built on serving women investors, is moving on from the robo-advice business by transferring its services to Betterment.
Dr. Sylvia Kwan, the CEO and CIO of Ellevest, says the exit follows the company’s latest shift in growing its wealth management and financial planning business side.
Kwan notes that the sale comes amid growing interest among clients for “joint accounts and other cash account options” provided by Betterment.
“We built a platform that makes it easy to invest in a way that works for our clients’ needs, goals, and values — and the same is true of Betterment under the leadership of their CEO, Sarah Levy,” added Kwan.
Under terms of the agreement, Ellevest will transfer their automated investing accounts to Betterment on or about April 17, 2025, with clients having the option to opt out of this transfer if they choose to do so. Betterment will only be acquiring Ellevest automated investing accounts and assets under management; it will not be acquiring any additional accounts, technology, employees, or operations as a part of the transaction.
Betterment today serves more than 900,000 customers throughout the United States and manages more than $55 billion in assets.
“This acquisition further cements our leadership in the digital investing space,” said Sarah Levy, Betterment CEO. “We look forward to welcoming Ellevest’s clients to Betterment and to continuing to support them on their wealth-building journeys.”
Ellevest was founded in 2014 by Sallie Krawcheck, a former Wall Street executive, who wanted to cater financial planning solutions to women. Krawcheck would later step down from the firm in 2024 due to health reasons.
Today, Ellevest manages $2.4 billion in investment assets.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.
