Goldman to Open Marcus Invest to In-House Advisors

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WealthManagement.com reported Friday that a version of Marcus Invest was in development for the 400 advisors at Goldman Sachs Personal Financial Management, according to Duran. However, Duran did not say when it would become available.

With Marcus Invest, Goldman Sachs will compete directly with the digital platforms of retail-focused giants including Vanguard, Schwab, Fidelity and Merrill Edge and with the independent robo-advisors Betterment and Wealthfront.

Marcus Invest offers individual investors three different investment strategies populated by a varying mix of ETFs — core, impact and smart beta — adjusted for their risk profile along with regular rebalancing. The minimum investment for Marcus Invest is $1,000 and the annual advisory fee is 0.35%, far less than most financial advisors charge for more personalized services.

Marcus Invest is available for individual, joint and IRA accounts and is integrated into the Goldman by Marcus consumer banking app, which offers relatively high-yielding savings accounts, unsecured personal loans and budgeting software, as well as an Apple credit card.