It’s no secret that investment banking giant Goldman Sachs has been upping its game on the consumer banking front through Marcus, its fast-growing foray into the world of savings accounts, personal loans, and, soon, checking accounts.
But Marcus is also looking to get into the ever-crowded realm of automated investment management—or, as they’re more commonly known, robo-advisors. Fintech startups and established brokerages alike have found much success marketing automated, algorithm-based investment products to retail customers, bringing low-fee, low-account minimum wealth management services to the masses.
Goldman is now following that example with Marcus Invest, its own automated investment service that the bank announced last year. In an internal memo last month, Goldman CEO David Solomon said Marcus was offering the service to employees as part of its beta testing program, with an eye to rolling out Marcus Invest to the public in the first quarter of 2021.
Now, Goldman is unveiling just what the Marcus Invest platform will look like, providing Fortune with an exclusive early glance at the service’s mobile app interface:
Marcus Invest clients can get started on the platform with only a $1,000 deposit—in line with the low-entry barrier model that has made robo-advisors so appealing to Main Street customers. While Goldman employees testing the beta version were offered an annual advisory fee of 0.15%, the bank says that fee could change with Marcus Invest’s public rollout.
The service will also offer various portfolio options tied to specific strategies, as well as retirement account options. Per the robo-advisor model, users’ portfolios will monitored and rebalanced consistently to ensure they’re attuned to their financial goals.
Goldman says Marcus Invest is on schedule to make its public debut before the end of March, while the bank also aims to launch the service in the U.K. before the end of 2021.
