The Goldman Sachs Group unveiled Marcus Invest, its new digital wealth management system that is due to be released sometime this year. This low-cost platform will allocate and rebalance customers’ wealth across an array of portfolios consisting of both stocks and bonds. This platform’s wealth allocation system is based on models developed by the bank’s investment strategy group.
The decision to delve deeper into digital banking is part of an initiative by Goldman Sachs CEO David Solomon, who intends to reduce the group’s reliance on volatile trading and investment banking revenue by expanding its consumer banking operations.
Prior to the release of Marcus Invest, Goldman Sachs already offered clients the use of its Marcus consumer banking app. The initial Marcus product, which offers savings accounts and personal loans to retail customers, was released in 2016.
In addition to three types of individual retirement accounts, Marcus Invest will offer customers both individual and joint investment accounts. Customers will be able to open an account with a minimum of $1,000, while advisory fees will cost them 0.35% per annum.
According to a report by the Wall Street Journal, chief executive David Solomon has already beta-tested the new investment app.
