Goldman Sachs Launches Marcus Invest Roboadviser For Retail Customers

Goldman Sachs Group Inc. GS has introduced Marcus Invest, a roboadviser for retail customers seeking to invest in managed portfolios consisting of exchange trade funds for stocks and bonds.

What Happened: According to the Marcus Invest website, the new endeavor will “offer over 50 managed portfolios of stock and bond ETFs that are diversified across asset classes to help balance risk and returns through market ups and downs. Based on your investment timeline and risk tolerance, we’ll recommend a portfolio aligned to your preferences that could help you reach your goal.”

Marcus Invest will be included in the consumer banking app from Goldman Sachs’ Marcus retail banking operation, the bank announced Tuesday, providing users with a choice of opening individual investment accounts, joint investment accounts and individual retirement accounts.

Customers who enroll in Marcus Invest will be able to buy ETFs for as low as $1,000 and will be charged an annual fee of 0.35%.

Is This Like Robinhood? Unlike online brokerages including Robinhood and Webull, Marcus Invest will not recommend specific stocks.

Instead, the Marcus Invest website tells potential customers they will have “exposure to a range of industries and economies so you have multiple opportunities for growth and won't be tied to the fate of a single stock.”

Marcus Invest is the latest retail offering from Goldman Sachs, following announcements last month that it planned to offer digital checking accounts to Marcus customers and a new General Motors GM-branded credit card issued in collaboration with Mastercard MA later this year.

GS Price Action: Goldman Sachs shares were trading 1.04% higher to $309.50 premarket Tuesday. 

The Marcus platform. Courtesy photo.