Goldman Sachs Group has launched a fully digital investment management service for less affluent customers as it seeks to diversify its business.
The low-cost platform Marcus Invest will enable the customers of its Marcus savings account to purchase exchange-traded funds.
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By GlobalDataAccording to a Reuters report, Marcus Invest will allocate customers wealth across portfolios of stocks and bonds based on models developed by the bank’s investment strategy group.
Additionally, it will also rebalance the wealth to help the customers achieve their long-term goals.
Overall, the service offers individual and joint investment accounts, as well as three types of individual retirement accounts, the news agency added citing Goldman Sachs Group.
Users can open an account with a minimum of $1,000.
The platform’s new website states: “We’ll recommend a diverse mix of stock and bond ETFs that are aligned with your goal.
“You’ll have exposure to a range of industries and economies so you have multiple opportunities for growth and won’t be tied to the fate of a single stock.”
Goldman Sachs launched Marcus in 2016 as a retail banking business offering personal loans and savings account services. Two years later, in 2018, the bank was moved under its wealth management division.
Last month, Goldman Sachs slashed the annual pay of its CEO David Solomon as a punitive measure for the bank’s role in the 1MDB scandal.
The move came after the bank posted a 153% year-on-year surge in Q4 2020 net earnings.
