LearnVest is discontinuing its financial planning offering forconsumers and businesses, according to a recent statement onNorthwestern 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 amonthly fee to speak with a financial planner who helps them puttogether a plan based on their goals. However, LearnVest does nothouse any assets.

These clients are essentially without a financial plannerstarting June 5.

LearnVest's financial planning clients “can make whateverdecision is most appropriate for them,” Betsy Hoylman, spokespersonfor Northwestern Mutual, told ThinkAdvisor.

LearnVest's most recent Form ADV, filed March 28, shows thecompany has more than 8,000 clients.

According to the statement, the move was made because moreconsumers want an end-to-end experience — that is, working with anadvisor to create a personalized financial plan and take action onit.

“LearnVest's model didn't go that route,” Hoylman said.

The statement also says that the move will allow NorthwesternMutual to focus “resources and leverage Northwestern Mutual'sestablished nationwide network of financial advisors, using thecutting-edge planning platform and digital tools that we've createdtogether.”

According to Hoylman, all of LearnVest's financial planners havebeen offered positions within Northwestern Mutual that takeadvantage of their skills.

Hoylman also said that the digital team of LearnVest has beenintegrated fully with the Northwestern Mutual digital team forquite a while, and she added that that will continue. According tothe statement, LearnVest's digital expertise helped accelerateNorthwestern Mutual's progress on transforming its clientexperience.

While LearnVest is losing its financial planning arm, Hoylmanstressed that LearnVest will continue as a brand and as awebsite.

Northwestern Mutual's statement said that it plans to relaunchLearnvest.com later this year as a “fresh, digital resource focusedon educating consumers on how to meet their financial goals.

“They'll relaunch according to their original mission,” shesaid.