On February 16, Goldman Sachs announced that it is launching an automated wealth management platform to invest client funds in a portfolio of stocks and bonds. Clients can open an account with Marcus Invest for a minimum amount of USD 1,000 and an annual fee of 0.35 percent. The robo-advisor will allocate and rebalance clients’ wealth based on the model developed by the bank’s investment strategy group. The system will recommend a conservative, moderate, or growth portfolio based on the client’s risk tolerance and timeline. The robot system is built on top of Marcus, an online-only bank released in 2016 offering high-yield savings and no-fee personal loans. The launch of Marcus Invest is in line with company CEO David Solomon’s strategy to focus on predictable revenues such as consumer banking, spearheading digital banks. (Source)
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