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.