American investment bank Goldman Sachs has reportedly started testing its digital investment platform in a bid to open up to the general public.
Called Marcus Invest, the new digital offering requires a minimum investment of $1,000, reported CNBC.
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It will provide three model portfolios comprising ETFs from the bank itself as well as other financial providers.
These will be integrated with existing offerings such as personal finance tool called Marcus Insights, added the report.
“Marcus Invest helps take the heavy lifting out of investing with managed portfolios of ETFs based on models designed by our colleagues in the Investment Strategy Group, and featuring GSAM’s ActiveBeta and Access ETFs in select portfolios,” noted CNBC citing a memo.
A rollout of the service is anticipated early next year.
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By GlobalDataThe bank’s staff using Marcus Invest will be charged an annual management fee of 0.15%, the memo said.
“As we prepare for the public launch in Q1 2021, we are pleased to invite consumer and wealth management colleagues to provide early feedback on Marcus Invest through our beta program,” the memo stated.
Goldman Sachs is a new player in the consumer banking market. Traditionally, it offers banking to the ultra-rich with a minimum of $25m to invest.
In 2016, the bank launched Marcus by Goldman to offer unsecured personal loans to consumers with credit-card debt.
Earlier this year, CNBC reported that Amazon has chosen Goldman Sachs as its banking partner to provide a new digital credit line to its small business merchants in the US.
Goldman Sachs’ digital lending brand Marcus will provide the credit lines of up to $1m to those business owners who sell their products on Amazon.com, the report said.
