Financial services firm Facet Wealth has acquired online financial advice provider Grove’s financial planning business for an undisclosed amount.
The deal includes Grove’s planning team and their clients.
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Facet Wealth focuses on offering financial services to households and registered investment advisors (RIAs) who want to refer or transition investors to meet their business goals.
Grove delivers financial advice via a team of CFP Professionals. As part of the acquisition, Facet Wealth will gain 500 household clients and also the CFP Professionals.
Facet Wealth co-founder and CEO Anders Jones said: “We started Facet because we saw a vast amount of American households struggling to access financial planning.
“Grove’s clients can expect transparent, affordable service tailored to their unique financial life needs. We know what kind of possibilities we can create for these households with the right people and the right tools.”
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By GlobalDataFollowing the transition of clients and financial advisor team, Grove will stop providing financial planning or investment advisory services.
The company signed an agreement with Facet to offer planning services to clients who want to continue receiving financial advice for a flat-fee.
In a separate development, Grove announced that its team will join Wealthfront to work on Self-Driving Money.
Wealthfront’s Self-Driving Money is intended to allow clients to deposit their paycheck into the company and technology will manage the funds appropriately, including paying of bills.
