Goldman Sachs Marcus Invest Shifts Focus to Digital

Goldman Sachs Marcus Invest has shifted its focus to digital, a significant move for the investment platform. This change aims to provide a more streamlined and user-friendly experience for its customers.

By going digital, Goldman Sachs Marcus Invest can now offer its services to a wider range of customers who prefer online transactions and digital platforms. This is a major advantage for customers who value convenience and ease of use.

The platform's digital shift has also allowed for more efficient and cost-effective operations, which can be passed on to customers in the form of lower fees or higher returns.

Goldman Sachs is stepping back from the digital investment advisory sector and focusing on its core digital banking offerings. This decision marks a significant shift in the company's strategy.

Marcus, Goldman Sachs' digital consumer banking and lending platform, launched in 2016, will continue to serve as the bank's primary focus. It offers a range of financial products, including deposits, credit cards, and savings accounts.

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The Marcus Deposits platform boasts over three million customers globally and holds more than $100 billion in consumer deposits. This is a testament to the platform's success and popularity.

Goldman Sachs will no longer offer investment services via Marcus Invest, which was launched in February 2021 to facilitate automated stock buys and target the retail investor. Marcus Invest had a minimum account balance of $1,000.

The company will concentrate its efforts on strengthening the Marcus Deposits platform, allowing it to provide better services to its customers. This move will also enable Goldman Sachs to sharpen its focus on its core business.

Betterment, a robo-advisor, will acquire the accounts and assets under management of Marcus Invest, transferring them around June 29, 2024. This acquisition will allow Betterment to expand its customer base and offer its services to a wider range of investors.

Marcus Invest was launched by Goldman Sachs in February 2021 to facilitate automated stock buys and target the retail investor.

The minimum account balance required for Marcus Invest was $1,000, which is significantly lower than the $10 million in assets typically targeted by Goldman Sachs at the time of the launch.

Goldman Sachs no longer offers investment services via Marcus Invest, which offered digitally customized investment portfolios to consumers.

The company wanted to find a "great home" for the customers of Marcus Invest while the company transitions away from that offering and sharpens its focus on its Marcus Deposits platform.

Betterment was the obvious choice for those accounts as Goldman Sachs shares a deep commitment to customer satisfaction.

The transfer of digital investment accounts to Betterment is scheduled for June 29, pending closing requirements.

Customers have the option to decline the transfer, and those who are transferred will join the more than 850,000 customers served and $45 billion in assets managed by Betterment.

Betterment will offer transitioning account holders access to automated investing, tax, and planning tools, enhancing their financial management capabilities.

The digital wealth manager will only be acquiring Marcus Invest accounts and assets under management, not any additional accounts, technology, staff, or operations.