If you were super rich, you could turn to Goldman Sachs to manage your millions. But on Tuesday, the legendary Wall Street investment bank announced it would offer money management for everyday investors.
Through an app called Marcus Invest, an automated wealth adviser will allocate customers’ funds based on strategies developed to serve institutions and the wealthy. The minimum to open a Marcus Invest account is $1,000, and Goldman will charge a fee of zero-point-three-five percent, in line with other retail investment platforms.
It’s the latest move into digital banking as the bank tries to shift its focus from Wall Street to Main Street. Launched in 2016, Marcus offers savings accounts and personal loans to retail customers. Through Marcus, Goldman CEO David Solomon aims to reduce the bank’s reliance on volatile revenue from trading and investment banking.
Marcus Invest will offer individual and joint investment accounts and three types of retirement accounts. Customers will be able to customize their investments by select from three investment strategies based on their appetite for risk.