Portland SEO's Augusto Beato lauded Goldman Sachs for utilizing digitization in extending its services to ordinary consumers.
Goldman Sachs for decades required that clients have at least $10M to manage their money. Now the firm is creating a digital wealth product under its Marcus brand for clients beyond its traditional base of wealthy families, hedge funds, and governments. "Goldman's move is another proof of how digitization is affecting how we conduct business and improve our lives," asserts Beato, who is the CEO of Portland SEO.
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While Goldman Sachs hasn't officially said what form the product will take, one option is a robo-advisor. Most robo-advisors have low or no account minimums to start investing. Goldman Sachs already uses robo-advisor Betterment to distribute some of its smart-beta funds.
Presumably, the company could offer mutual funds, and ETFs created in-house through its digital channel. The products could eventually include checking accounts, credit cards, and mortgages.
The Marcus brand so far has had high-interest savings accounts and personal loans.
Ahead of that move, Goldman Sachs said Monday it was moving Marcus into its investment management division, home to businesses that manage wealth for the ultra-wealthy, who average $50 million in holdings and create mutual funds and ETFs.
"We plan to launch a broader wealth management offering, combining Marcus' digital capabilities with the more established sales channels and products currently housed within the investment management division," according to a statement from CEO David Solomon, President John Waldron, and incoming CFO Stephen Scherr.
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