Betterment, a leading online financial services company, today announced that it has acquired Wealthsimple's U.S. book of business. In the coming months, Wealthsimple will transfer all of their existing U.S.-based customers to Betterment, and will no longer support accounts based in the U.S.
Betterment, well known for being the first automated investing services to enter the market, was chosen in a competitive process as the partner for this acquisition. Wealthsimple sought out an established company with a strong reputation, as well as a company that emphasizes their customers' best interests.
Wealthsimple customers who decide to move forward with transferring their accounts over to Betterment will receive access to cutting-edge technology and personalized, expert advice to help them continue to reach their financial goals.
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 U.S. 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," noted Sarah Levy, Betterment's CEO. "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."
"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," said Michael Katchen, Co-founder and CEO of Wealthsimple. "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."
This article originally appeared on Yahoo! Finance.
