Goldman Sachs launches robo-adviser for Marcus customers

Goldman Sachs has jumped into the red-sizzling retail trader industry — but really don’t assume it to advocate stock recommendations that you’ve located on Reddit.

The megabank unveiled a new robo-adviser instrument on Tuesday, giving clients of its Marcus personal savings account access to its wealth management services, which had earlier only been accessible to massive companies and the ultra-rich.

But when regular Joes will now get Goldman Sachs financial commitment tips for accounts as small as $1,000, the new item, Marcus Make investments, is not made to help customers get in on the social media “meme stock” fad that fueled the shocking increase of shares in businesses like GameStop and AMC Amusement. 

Rather, Goldman will be placing its consumers in exchange-traded funds, which are essentially publicly traded index resources created to permit extended-time period traders get a diversified foothold in sure industries or sectors.

With quite a few of the important individuals in January’s so-identified as “Reddit Rally” poised to testify right before Congress on Thursday — together with Robinhood main executive Vlad Tenev and probably billionaire hedge-fund tycoon Ken Griffin of Citadel Investments — Goldman’s Marcus Commit appears to be taking a additional cautious method.

“We’ll advocate a numerous mix of inventory and bond ETFs that are aligned with your aim,” reads the platform’s new web site. “You’ll have exposure to a assortment of industries and economies so you have several possibilities for expansion and will not be tied to the destiny of a one inventory.”

Marcus Invest is the newest in a line of buyer products launched in current years. In addition to the Marcus price savings account and Apple Card credit product, Goldman is predicted to launch a Marcus examining account in 2021.

That escalating investment decision into setting up out its customer suite of products augurs very well for the increasing electricity of Stephanie Cohen inside Goldman’s male-dominated electricity construction.

Cohen, 43, was named co-head of the $2 trillion megabank’s client banking and prosperity management team in September, building her a possible heir obvious to recent chief David Solomon and the only girl operating a single of Goldman’s 4 organization divisions.