Goldman Sachs' robo advising service will likely capture a new demographic and bolster Marcus' offerings – fitting into its wider consumer banking strategy:
that Goldman acquired wealth manager United Capital for $750 million to expand its wealth management businesses and target the US' middle wealth management market.The minimum investment for the robo advisory service hasn't been disclosed yet, but it could be as little as $5,000, according to Joe Duran, founder of United Capital, cited by the FT, as Goldman Sachs aims to lure in customers with fewer assets.
United Capital has already completed trials with clients introduced through Ayco. The robo advisor will be offered both to United Capital's direct clients and outside advisers who use United Capital's Finlife wealth management platform, per the FT. The bank's traditional investment accounts serve consumers with $1 million to $10 million of investable wealth. However, the new robo advisor service targets a lower-income demographic that's still looking to build its wealth. By having a much lower initial deposit requirement, Goldman Sachs will likely be able to lure in this demographic, and users of the robo advisory service could eventually use Goldman's other wealth management tools.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Explainer: Malaysia's mega 1MDB scandal that has scalded Goldman SachsMalaysian Prime Minister Mahathir Mohamad has vowed to bring back billions of do...
Read more »
Goldman Sachs pushes gold, based in part on growing popularity of deficit-spending theoryGoldman Sachs is a big believer in gold for the year ahead, and one of the big reasons is the advent of an increasingly popular economic approach that encourages government deficit spending.
Read more »
Goldman Sachs sees gold soaring 9% in 2020 as Trump's trade-war and recession fears grip investorsThe investment bank pointed to a host of reasons, even Modern Monetary Theory, as factors in its forecast.
Read more »
Goldman raises 2020 oil price view on OPEC-led inventory tightnessGoldman Sachs raised its oil price forecasts for 2020, citing tighter-than-expec...
Read more »
Goldman Sachs pushes gold, based in part on growing popularity of deficit-spending theoryGoldman Sachs is a big believer in gold for the year ahead, and one of the big reasons is the advent of an increasingly popular economic approach that encourages government deficit spending.
Read more »
Explainer: Malaysia's mega 1MDB scandal that has scalded Goldman SachsMalaysian Prime Minister Mahathir Mohamad has vowed to bring back billions of do...
Read more »