ICYMI: Goldman Sachs' robo advising service will likely capture a new demographic and bolster Marcus' offerings – fitting into its wider consumer banking strategy
that Goldman acquired wealth manager United Capital for $750 million to expand its wealth management businesses and target the US' middle wealth management market.The minimum investment for the robo advisory service hasn't been disclosed yet, but it could be as little as $5,000, according to Joe Duran, founder of United Capital, cited by the FT, as Goldman Sachs aims to lure in customers with fewer assets.
United Capital has already completed trials with clients introduced through Ayco. The robo advisor will be offered both to United Capital's direct clients and outside advisers who use United Capital's Finlife wealth management platform, per the FT. The bank's traditional investment accounts serve consumers with $1 million to $10 million of investable wealth. However, the new robo advisor service targets a lower-income demographic that's still looking to build its wealth. By having a much lower initial deposit requirement, Goldman Sachs will likely be able to lure in this demographic, and users of the robo advisory service could eventually use Goldman's other wealth management tools.
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