LearnVest's 8,000 clients will have to find a new financial planner.
LearnVest is discontinuing its financial planning offering for consumers and businesses, according to a recent statement on Northwestern Mutual's website.
LearnVest, which was acquired by Northwestern Mutual in 2015, told its clients that the site would close on June 5.
With LearnVest's financial planning services, people paid a monthly fee to speak with a financial planner who helps them put together a plan based on their goals. However, LearnVest does not house any assets.
These clients are essentially without a financial planner starting June 5.
LearnVest's financial planning clients "can make whatever decision is most appropriate for them," Betsy Hoylman, spokesperson for Northwestern Mutual, told ThinkAdvisor.
LearnVest's most recent Form ADV, filed March 28, shows the company has more than 8,000 clients.
According to the statement, the move was made because more consumers want an end-to-end experience — that is, working with an advisor to create a personalized financial plan and take action on it.
