Goldman Sachs Group Inc. is launching an automated wealth-management platform to invest customer funds across managed portfolios, according to Reuters. Consumers can open an account with Marcus Invest with a minimum of $1,000 and will be charged an annual fee of 0.35%.
- Goldman’s robo-adviser will allocate and rebalance customers’ wealth based on models developed by the bank’s investment-strategy group, which traditionally catered for institutions and the ultra-rich.
- The move is part of Goldman’s digital banking push and reduces reliance on volatile trading and investment banking revenue.
- Goldman launched Marcus in 2016 to diversify its revenue and funding sources by offering savings accounts and personal loans to retail customers.
- Similar to other robo-advisers, Goldman will evaluate customer’s risk tolerance and investment timeline and recommend a conservative, moderate, or growth portfolio.
Goldman stock is currently gaining. GS: NYSE is up 1.27%
