You used to need at least $10 million in investible assets to draw the attention of wealth managers at Goldman Sachs Group Inc. Now, all it takes is $1,000 and a smartphone.
The Wall Street firm on Tuesday is set to unveil Marcus Invest, a low-cost digital platform that allocates and automatically rebalances individuals’ wealth across portfolios of stocks and bonds based on the models developed by the firm’s investment-strategy committee.
Marcus Invest will be tucked into Goldman’s existing Marcus consumer-banking app and website. The offering will help round out a somewhat disjointed set of Goldman banking products, which include savings accounts, unsecured personal loans and budgeting software that carry the Marcus brand and a credit card with Apple Inc. that doesn’t.
With Marcus Invest and a forthcoming Marcus checking account, “we get to the point where we can be someone’s primary banking relationship, meaning we can be the digital
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