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Goldman Sachs launches Marcus Invest robo-adviser, Reuters

Wednesday 17 February 2021 14:38 CET | News

Goldman Sachs has announced plans to launch an automated wealth-management platform to invest customer funds across managed portfolios made up of exchange trade funds for stocks and bonds, according to 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.


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Keywords: Goldman Sachs, Marcus Invest, robo-adviser, wealth management, online banking
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
This article is part of category

Banking & Fintech