Reportedly, Goldman Sachs Group Inc. (GS) is launching an automated wealth-management platform responsible to rebalance and allocate customers’ wealth across portfolios of bonds and stocks. The bank informed consumers can open an account with Marcus Invest with a minimum of $1,000 and will be charged an annual fee of 0.35%.
Marcus Invest, the low-cost platform will allocate and rebalance customers’ wealth on models developed by the bank’s investment strategy. Similar to other Robo-advisers the bank will evaluate and study a customer’s risk tolerance and investment timeline and recommend a conservative, moderate, or growth portfolio
Marcus launched in 2016 to diversify its funding and revenue sources by offering savings accounts and personal loans to retail customers. The bank also has an existing Marcus consumer-banking app. The latest digital banking push under the leadership of Chief Executive David Solomon’s plan is to reduce Goldman’s reliance on volatile trading and investment banking revenue, and shifting focus towards its consumer banking unit Marcus.
The Goldman Sachs Group, Inc. (GS) is one of the world’s leading investment bankers & also a securities and investment management firm that offers a wide range of financial services with a diversified client base. To learn more about The Goldman Sachs Group, Inc. (GS) and to continue to track its progress please visit the Vista Partners Goldman Sachs Group, Inc. (GS), Coverage Page.
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