US-headquartered financial services company Goldman Sachs is entering the robo-advice space with the introduction of a service targeting retail clients.
The Marcus Invest platform will provide automated wealth solutions to invest client funds across managed portfolios made up of ETFs for stocks and bonds.
The firm confirmed to International Adviser that “Marcus Invest will launch in the US in the first quarter of this year, with the UK launch planned for the second half of 2021.”
Customers will be able to open an account with a minimum of $1,000 (£720, €824) and will be charged an annual fee of 0.35%.
Strategy and risk
Goldman’s robo-adviser will allocate and rebalance investors’ wealth according to models developed by the bank’s investment strategy group, a service that was catered to only institutions and ultra-rich up until now.
The digital wealth platform will evaluate a client’s risk profile and investment timeline to recommend a conservative, moderate or growth portfolio.
Clients will be able to customise their investments by choosing one of three strategies, including one that tracks market benchmarks while supporting sustainability principles.
The platform offers both individual and joint investment accounts, as well as three types of individual retirement ones.
Marcus was initially rolled out in 2016 to offer savings accounts and personal loan to retail clients, in a bid to diversify the firm’s revenue stream.
