Joe Duran, the former head of United Capital, the RIA that Goldman bought in 2019, is stepping back from his role as a bank partner but will continue as a consultant. Here's what that change and others mean for advisors.
Much like other robo-advisors,
Marcus Invest will offer portfolios with low-cost stock and bond ETFs, including Goldman Sachs ETFs, based on users risk tolerance and goals. The Marcus
5 million customers as of last September and already offers a savings account, consumer loans, and a personal finance management tool.
The latest launch broadens Goldman s fintech offering into a new growth area, creating cross-selling opportunities among a wider consumer base. With Marcus Invest, the bank can capitalize on a booming sector over the coming years to drive customer acquisition: Insider Intelligence
expects that $830 billion will be invested in robo-advisors in North America by 2024, up from $330 billion in 2019.
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