I am excited to announce that Wealthfront has agreed to be acquired by one of the premier brands in wealth management, UBS, in a transaction valued at $1.4 billion. This partnership will be tremendously impactful in accelerating our business towards our vision to make it delightfully easy to build wealth on your own terms. Not only will we be able to better serve you by offering a number of compelling new services, but you will have access to UBS’s industry-leading investing insights and research. Additionally, we’ll be able to get our service into even more people’s hands.
We chose to join forces with UBS because we both saw the value this strategic partnership could bring. We are motivated by UBS’s vision to leverage the power of technology to expand their leading wealth management business, reach a broader audience, and offer clients greater convenience and personalization. We’re incredibly excited that UBS has committed to letting Wealthfront operate under its brand as a standalone business.
Ralph Hamers is a digital native, and when he assumed the role of CEO at UBS in November 2020, he was clear on his vision to further digitize UBS and its offerings. And he wants Wealthfront to join him in this journey.
We were fortunate to get to know UBS’s management when we started discussing a banking partnership with them in 2020. It was clear from the start that we shared the same values and culture. Like Wealthfront, UBS thinks about the client holistically and believes in the power of data and research to improve clients’ outcomes and help them build long-term wealth.
Now I’m sure many of you are wondering how our service changes for you—it doesn’t. You will see no change to your experience and can look forward to benefiting from UBS’s breadth of products, services, and intellectual capital. Rest assured that nothing will change with your account or the cost of our service. We will continue delivering great products and features to you, now at a much faster pace. And you’ll get access to even more research and insights that can empower you as an investor.
Our aspirations haven’t changed. Our philosophy and principles remain the same. We want to make responsible investing available to a much broader audience—and with UBS’s help that should happen at a much faster rate.