Goldman Sachs Group Inc. is coming to Main Street in the form of digital wealth management. The investment bank, which has long-served clients on Wall Street, is planning to launch a robo-advisor next year to help serve clients with as little as $5,000 in financial assets to invest, according to a recent article in the Financial Times.
The team at Goldman behind the launch of the new robo-advisor service is being headed by Joe Duran, founder of United Capital, the wealth management firm that Goldman purchased back in May for $750 million. Duran brings experience in digital financial technology (fintech) with United Capital’s FinLife CX, a digital platform helping independent advisers grow their businesses and to build stronger ties with their clients.
The launch of a robo-advisor would help Goldman reach less traditional clients, ones with far fewer assets than the bank is used to serving. While the exact minimum investment has yet to be determined, Duran said that the service would provide solutions for clients with as little as between $5,000 and $15,000 to invest. The service would initially target clients “with low complexity, not that much in assets”, he said.
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