News Formal

Goldman Sachs is set to launch its robo advisor service - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 36 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 51%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Jack Dorsey wants to decentralize Twitter - Business Insider - Business InsiderTwitter is creating a group to develop an open-source decentralized internet standard that the social platform would eventually adopt itself. Couldn’t understand a word of this article can anyone translate it, it sounds interesting Decentralized eh? Yet, several people are banned from Twitter simply for using it as free speech platform Why’s it so hard to censor hate speech..
Source: BusinessInsider - 🏆 729. / 51 Read more »

General election exit poll: Boris Johnson's Conservatives set for majority - Business InsiderThe Conservatives are set to win a parliamentary majority, according to the official exit poll published by the BBC, ITV, and Sky. Shocking I say, just shocking! It’s crazy we live in a world where going backwards is winning. Wtf, ppl?
Source: BusinessInsider - 🏆 729. / 51 Read more »