Goldman Sachs
Goldman Sachs launched its robo-advisor, called Marcus Invest, to the public on Tuesday.
It's launching into a crowded space, competing with startup and bank-owned robo-advisors.
Sonali Divilek and Andrea Finan, executives overseeing the roll-out, laid out the product's plans.
Goldman Sachs is finally launching its do-it-yourself wealth management offering to the public, marking a milestone in the elite firm's quest to appeal to Main Street.
The bank rolled out Marcus Invest, its automated investment tool with a $1,000 account minimum, on Tuesday after having previously faced delays as a result of the pandemic.
Marcus Invest is set to compete with startup robo-advisors and bank-run products like Bank of America's Merrill Guided Investing, and will charge an annual advisory fee of 0.35%, billed quarterly. Wealthfront and Betterment, the standalone robo-advisors that launched around a decade ago, both charge an annual advisory fee of 0.25% for investment accounts that do not pair clients with advisors.