Northwestern Mutual announced its acquisition of LearnVest, an online financial planning startup to expand its business. The insurance company did not disclose the financial terms of the transaction.

Northwestern Mutual

The acquisition will combine Northwestern Mutual’s world-class financial professionals and best-in-class products with LearnVest’s innovative financial planning platform and technology.

Northwestern Mutual emphasized that LearnVest shares the same core values in terms of delivering financial security through planning.

Northwestern Mutual aims to address all parts of financial planning

Northwestern Mutual is the second largest insurance company in the United States. The company’s Chairman and CEO John Schlifske noted that there is a gap between the needs of consumers and the offerings of the financial industry.

According to him, “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.”

Schlifske added that dedicated financial advisors are key to achieving long-term success in a financial security plan. He also emphasized that Northwestern Mutual is distinct because of its client relationship.

“We know from experience that consumers want a trusted, experienced professional who can provide the best product solutions, planning process and technology platforms,” said Schlifske

On the other hand, Alexa von Tobel, founder and CEO of LearnVest said their mission is to “make unbiased financial planning affordable, accessible, and delightful for all American households.”

LearnVest brings three critical assets to Northwestern Mutual

According to Northwestern Mutual, it was attracted to acquire LearnVest because it brings three critical assets to the company. These important assets include modern and easy to use financial planning technology, a complete education experience, and the entrepreneurial passion of its employees.

Tobel believes that LearnVest’s financial planning platform will become a “real differentiator” in the industry with the support of Northwestern Mutual. “With Northwestern Mutual’s financial backing, we can quickly empower millions of Americans and the dedicated professionals who serve them,” she said.

Tobel will remain CEO and Chairman of the Board of LearnVest after the acquisition. LearnVest will become a wholly-owned subsidiary of Northwestern Mutual. It will also maintain its brand.