Goldman Sachs For The Masses

Goldman Sachs is set to unveil Marcus Invest, a low-cost digital platform that allocates and automatically rebalances individuals’ wealth across portfolios of stocks and bonds based on the models developed by the firm’s investment-strategy committee. (Wall Street Journal)

Historically, Goldman targeted customers with more than $10 million in assets for its wealth-management services, but Marcus Invest is designed for more mainstream investors who can meet an account minimum of just $1,000. Goldman’s high-touch private wealth advisers charge clients annual advisory fees that can exceed 1% of the balances of its smallest accounts, but for Marcus Invest’s digital advisory services customers pay 0.35%.

You used to need at least $10 million in investible assets to draw the attention of wealth managers at Goldman Sachs.  Now, all it takes is $1,000 and a smartphone.