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Stories of Interest
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
- Janney Montgomery Scott CEO Joins FINRA Board of Governors
- SEC Encourages Investors to Do Background Checks on Investor.gov
- The Martin Act: Wall Street Titan Takes Aim at Law That Tripped Him Up
- Bank of America’s Cost-Cutting Drive Pushes Profit to Record
- Larry Fink: Wall Street’s $6 Trillion Man Finally Worth $1Bn
- Activist Investor Wants Barclays Investment Banking Overhaul (Video)
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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.