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- White House Now Doesn’t Dispute Details of Trump's Call with Army Widow
- Goldman Sachs’ Lloyd Blankfein Just Threw Some Serious Brexit Shade
- Guggenheim Partners ‘Bank Wrecker’ Could Get $100Mn Exit Package
- Proposed Arbitration Rule Change: For Customers Dealing with an Inactive Firm or Associated Person
- This Family Bet It All on Bitcoin
- Clearinghouses Pass CFTC Liquidity Stress Tests
- President Trump Admits He’s Trying to Kill Obamacare. That’s Illegal.
- Trump Plunges Down List of ‘America’s Richest’
- Is Trump’s “Foreclosure King” in Over His Head?
- FBI Arrests NCAA Basketball Coaches and Adidas Rep in Bribery Probe Involving Recruitment
- Equifax CEO Steps Down Amid Hacking Scandal
- Litigation Costs to Rub Salt in RBS Investor Wounds
- RIAs Poised to Land Wirehouse Recruits - Dan Jamieson
- Citibank and U.K. Affiliate to Pay $550K Penalty for Swap Data Reporting Violations - CFTC
- AIG to Restructure into 3 New Units, Marking CEO's First Big Move
- Accounting Firm Deloitte Says It Suffered Cyberattack (subsc reqd)
- Upcoming FINRA Board Meeting and FINRA360 Update
- Elizabeth Warren Lifts Hold on Trump DOJ Antitrust Nominee
- Bigger Mergers Narrow Indy Reps' Options, Alter IBD Channel - Dan Jamieson
- Dentons to Merge with U.K.'s Murray & Spens
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NEWSLETTERS & ALERTS
Goldman Sachs Looking to Build a Robo-Advisor
[Photo: Goldman NYSE Booth, by Justin Lane / EPAfile]
Goldman Sachs looks to join the ‘Robo-Advisor’ party by building its own platform within Goldman Sachs Asset Management. On Monday, the private wealth division placed a job ad on its career web site seeking employees to help build a robo-advisor (Automated Digital Advice) platform for its ‘Mass Affluent Market’. That private wealth business is geared for clients with at least $50 million in assets.
The Robo Advisor service would be included in GSAM’s multi-product platform, which currently offers such products and services as hedge funds, private equity, fund of funds, quantitative strategies, fixed income, fundamental equity and a global portfolio solutions business.
The robo-advisor strategy complements Goldman’s other diversification efforts – like last October’s launch of Marcus, its online personal loan platform. Once in place, Goldman will be competing with the likes of Charles Schwab and upstarts like Betterment. That said, future prospects bode well for Goldman because wealthy clients have expressed interest in robo-advisory services, particularly ones that also offer access to human advisors.