(Bloomberg) — Goldman Sachs Group Inc. took another step toward going mainstream, launching an investing app for customers that want to put at least $1,000 to work.
Investors using the service, which went live Tuesday, can put money into automated portfolios rather than individual stocks and bonds, according to the company. The move expands the Marcus platform, which also offers a high-interest savings account.
Goldman, which has traditionally served a wealthier client base, is taking steps to broaden its reach through new digital products. The investing platform features exchange-traded funds that focus on traditional stock and bond benchmarks, impact investments and smart-beta products designed by Goldman.
The advisory fee is 0.35%, according to the Marcus website. The move comes as the New York-based company inches closer to also providing a checking account through Marcus, with the goal of collecting more than $100 billion in consumer deposits.
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