Goldman Sachs launches Marcus Invest robo-adviser, Reuters

Consumers can open an account with Marcus Invest with a minimum of USD 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 has traditionally catered to institutions and the ultra-rich. The move is the latest digital banking push by the Wall Street bank in line plans to reduce Goldman’s reliance on volatile trading and investment banking revenue by shifting focus towards Marcus, its consumer banking unit. The bank launched Marcus in 2016 to diversify its revenue and funding sources by offering savings accounts and personal loans to retail customers. Goldman has an existing Marcus consumer banking app.

Marcus Invest offers individual and joint investment accounts, as well as three types of individual retirement accounts. Similar to other robo-advisers, the bank will evaluate a customer’s risk tolerance and investment timeline and recommend a conservative, moderate, or growth portfolio. Customers will be able to customise their investments by selecting one of three investment strategies including one that tracks market benchmarks while supporting sustainable business practices.