BlackRock Reportedly Sells FutureAdvisor's Direct-to-Consumer Business to Ritholtz Wealth Management

According to the report, BlackRock, the world‘s largest asset management company, sells FutureAdvisor’s Direct-to-Consumer business to an investment advisory company called Ritholtz Wealth Management.

Details&Background

BlackRock, the world‘s large asset manager, reportedly sells Robo-Advisor(FutureAdvisor)’s direct-to-consumer business to Ritholtz Wealth Management. According to an email that FutureAdvisor sent to its client, FutureAdvisor has informed retail customers that it will be sold by BlackRock to a New York-based investment company called Ritholtz Wealth Management. Later on, Ritholtz Wealth Management confirmed the acquisition case but did not release further details on it.

As far as we know, FutureAdvisor is a Robo-Advisor company and it was acquired by BlackRock in 2015. BlackRock claimed that FutureAdvisor would be managed under BlackRock Solutions since the acquisition. According to a source in April 2022, FutureAdvisor has about clients funds worth 1,700,000,000 US dollars. There were around 30,600 clients at that time doing business with FutureAdvisor.

About Ritholtz Wealth Management

Ritholtz Wealth Management is a registered investment advisor. According to investor.com, this company is registered in 2013 and manages about $2.7 billion, and provides investment advisory services for about 2,000 clients. It mainly focuses on the American market, providing a variety of financial planning services for Americans. The headquarters of Ritholtz Wealth Management is 24 West 40th Street, 15th Floor. New York, NY 10018.

About BlackRock

BlackRock is the world‘s large asset management company The headquarter of this company is located in New York City. It has 30 offices in 70 countries around the world, with clients in 100 countries. Its main business is to provide investment management, risk management, and financial consulting services for corporate and retail channels. Recently BlackRock has just claimed that central banks are ’deliberately causing recession and warned of a downturn unlike any other.