Goldman Sachs
Goldman Sachs launched its robo-advisor, called Marcus Invest, to the public on Tuesday.
It s launching into a crowded space, competing with startup and bank-owned robo-advisors.
Sonali Divilek and Andrea Finan, executives overseeing the roll-out, laid out the product s plans.
Goldman Sachs is finally launching its do-it-yourself wealth management offering to the public, marking a milestone in the elite firm s quest to appeal to Main Street.
The bank rolled out Marcus Invest, its automated investment tool with a $1,000 account minimum, on Tuesday after having previously faced delays as a result of the pandemic.
Marcus Invest is set to compete with startup robo-advisors and bank-run products like Bank of America s Merrill Guided Investing, and will charge an annual advisory fee of 0.35%, billed quarterly. Wealthfront and Betterment, the standalone robo-advisors that launched around a decade ago, both charge an annual advisory fee of
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Goldman Sachs will shutter its Clarity Money PFM app to instead concentrate on building up Marcus Insights.
This could ultimately make for a stronger product and drive significant engagement.
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The bank
notified customers that it will discontinue Clarity Money, the personal finance management (PFM) app it
acquired in 2018, on March 5, after folding in some of Clarity s most loved features to the Marcus app.