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Technology > Investment Platforms > Robo-Advisors

Goldman to Open Marcus Invest to In-House Advisors

By Jeff Berman

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What You Need to Know

  • With Marcus Invest, Goldman is competing directly with digital platforms of retail-focused giants and independent robo-advisors.
  • Marcus Invest provides clients with a low-cost digital investing option, albeit without the personalization of human advisors.
  • Goldman is now working on functionality that will provide Personal Financial Management advisors with visibility into Marcus Invest.

Goldman Sachs is working to open its new low-cost robo platform, Marcus Invest, to in-house advisors, company spokesman Andrew Williams said Monday.

Although “we are working on providing that functionality,” he said: “I don’t have any further details at the moment.”

Not immediately clear were what stage in development the company was at with the additional functionality and when it will become available to advisors.

As ThinkAdvisor reported last week, Marcus Invest could be conceivably the first stop for investors who ultimately move on to Goldman Sachs Personal Financial Management — the renamed United Capital that Goldman acquired in May 2019 headed by Joe Duran, United Capital’s former CEO — or to Goldman Sachs Private Wealth Management.

WealthManagement.com reported Friday that a version of Marcus Invest was in development for the 400 advisors at Goldman Sachs Personal Financial Management, according to Duran. However, Duran did not say when it would become available.

With Marcus Invest, Goldman Sachs will compete directly with the digital platforms of retail-focused giants including Vanguard, Schwab, Fidelity and Merrill Edge and with the independent robo-advisors Betterment and Wealthfront.

Marcus Invest offers individual investors three different investment strategies populated by a varying mix of ETFs — core, impact and smart beta — adjusted for their risk profile along with regular rebalancing. The minimum investment for Marcus Invest is $1,000 and the annual advisory fee is 0.35%, far less than most financial advisors charge for more personalized services.

Marcus Invest is available for individual, joint and IRA accounts and is integrated into the Goldman by Marcus consumer banking app, which offers relatively high-yielding savings accounts, unsecured personal loans and budgeting software, as well as an Apple credit card.

Jeff Berman

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