August 22, 2019

On August 22, 2019, Wealthfront Corporation announced that it is acquiring Grove Advisors LLC.

Under the terms of the transaction, Wealthfront Corporation (“Wealthfront”) will acquire Grove Advisors LLC (“Grove”). Not all of Grove’s clients will be transferred to Wealthfront. Clients who wish to remain under a hybrid financial planning service will have the option to transfer their assets to Facet Wealth, a hybrid robo advisor. Further terms of the transaction were not disclosed.

Wealthfront, based in California, is a digital investment firm. As of August 2019, Wealthfront manages over $11.5 billion in assets.

Grove, based in California, is a hybrid robo advisor focused on providing financial plans to clients for a flat fee. As of April 2019, Grove managed $4 million in assets under management.

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Categories

Investment Manager M&A, Transactions