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- CFTC Chair Giancarlo Appoints Bruce Tuckman as Chief Economist
- Twice-Convicted Ex-Jefferies Trader Litvak Faces Prison After Losing Bail Request
- Wells Fargo Hikes Full-Year S&P 500 Target
- SEC Institutes Administrative Proceedings Against Shkreli
- Goldman's Lloyd Blankfein Seems to be Making a Habit Out of Trolling Trump
- Goldman on Hunt for Star Traders to Revive Struggling Commodities Unit
- Yahoo Owes Millions for Busting NCAA Tourney Bracket Deal
- JPMorgan Joins 21st Century Fox in Fighting 'Deep Divisions Across Our Country'
- Please, God, Save Gary Cohn From Himself: The Case for Resigning
- Regulatory Considerations When Bringing on a New Advisor
- Why Deutsche Bank is at Mercy of Regulators
- U.S. Treasury Auction Class-Action – Federal Judge Causes Interminable Delay
- Mnuchin Rejects Calls to Resign and Defends Trump
- Best Time to Go to the U.S. (Tennis) Open Tourney - Before It Starts on August 28
- Stifel Prevails in Arbitration But Ex-Hilltop Employees Hit with Awards - Bill Singer
- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
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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.