Northwestern Mutual Life Insurance has agreed to buy online financial information and advisory startup LearnVest to boost its wealth management business.
After completion of the acquisition, LearnVest will become a wholly owned subsidiary of Northwestern Mutual while maintaining its own brand.
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Alexa von Tobel, founder and CEO of LearnVest, will continue in his role and will also become the chairman of the LearnVest board.
Tobel said: "With Northwestern Mutual’s financial backing, we can quickly empower millions of Americans and the dedicated professionals who serve them."
Northwestern Mutual chairman and CEO John Schlifske said: "Northwestern Mutual will fill that gap by redefining how financial security is delivered. Our goal is to take more clients from start to finish, addressing all parts of the planning equation, and to be a partner at the center of their financial lives through all stages."
The deal will combine Northwestern Mutual’s financial professionals and products with LearnVest’s technology and innovative financial planning platform.
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