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)
We know you don’t want to miss any news or research breakthroughs. Subscribe to our popular newsletter Synced Global AI Weekly to get weekly AI updates.