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Stories of Interest
- Address at ICI's 2017 Securities Law Developments Conference - SEC Commissioner Stein
- New York Pension Fund Seeks More Pay Disclosure from Wells Fargo
- Wells Fargo Sanctions Are on Ice Under Trump Official
- Josh Brown: Here's How to Buy Bitcoin, But Realize It Could Be One Giant Bubble
- Trump's New Tax Plan Could Cost Citigroup $20 Billion
- Morgan Stanley Fires Former Congressman Harold Ford Jr.
- Al Franken Will Resign Over Sexual Misconduct Allegations - His Full Resignation Speech
- Ex-NFL Player Gets 40 Years for Running $10Mn Fraud
- Bitcoin Blows Past $15K, Adding $2K in Under 12 Hours
- Financial Adviser Settles Charges for Defrauding Private Equity Fund Investors
- New Cross Market Equity Supervision Report Cards - FINRA Phone-In Workshop, WebEx Presentation
- Mueller Just Crossed Trump's Red Line, With Deutsche Bank Subpoena
- Wildfire Rages Near Los Angeles
- Former Company Insider Has $4.1Mn Payday as a Whistleblower
- Audit Firm, Anton & Chia, Conducted Fraudulent Audits of Penny Stock Companies - SEC
- Mueller Subpoenas Deutsche Bank Records on Trump and Family
- Bitcoin Nearly Halfway to $400Bn Value Predicted by Winklevoss Twins 4 Years Ago
- Fidelity Clients Suffer Second Website Glitch in Week
- CBOE Beats CME to Bitcoin Futures Launch with December 10 Start
- McKinsey Senior Exec Thomas Barkin Named New Head of Federal Reserve Bank of Richmond
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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.