Goldman Sachs has begun internal testing of a digital wealth management service for the masses, as it continues its push into the mainstream consumer market.
Set for roll out early next year, the automated investment service is undergoing trials with staff.
Employees who sign on to the digital service, called Marcus Invest, will pay an annual management fee of 0.15%, according to a company memo, seen by CNBC
“As we prepare for the public launch in Q1 2021, we are pleased to invite consumer and wealth management colleagues to provide early feedback on Marcus Invest through our beta program,” the email said.
The Marcus Invest account can be started with as little as $1,000, giving users a choice of three model portfolios composed of ETFs from Goldman and outside providers.
It will be integrated with other offerings, including a personal finance tool called Marcus Insights, on the Marcus app and online portal.