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Goldman Sachs has focused on managing high net worth individuals for decades, but that policy may soon start to change.
The bank has started internally testing the new automated investing service before rolling it out on a larger scale early next year, according to an email, as the bank will charge an annual administration fee of $ 0. 15% for employees who connect to the digital service, called Marcus Invest.
The email reads: “As we prepare for the public launch in the first quarter of 2021, we are pleased to invite our clients and colleagues in wealth management to provide us with their first comments. on Marcus Invest via our pilot program. According to CNBC and seen by Al Arabiya.net.
Goldman Sachs aimed to manage client portfolios of at least $ 25 million in its own wealth management group, and with the bank expanding last year following the acquisition of United Capital to help it serve the number one millionaires.
As stated in the submission, Marcus Invest’s account could start at less than $ 1000, as it would allow users to choose between 3 model portfolios consisting of Goldman Sachs ETFs or external funds, as well as other alternatives from investment, including a personal financing tool. Named Marcus Insights, on the mobile application or via the website dedicated to the new service.
The 0.15% management fee is a “special offer to employees,” according to the bank, as the company did not say how much it plans to charge customers, but sources familiar with the plan have said. stated that this would be consistent with the commissions charged by competitors for automated investing, as Morgan Stanley charges a fee of 0.35. %, And Merle Lynch by 0.45%.
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