The prestigious investment bank, known mainly for advising the affluent how to manage their money and for helping to engineer big deals on Wall Street, unveiled a new robo-adviser Tuesday for the average investor.
“You’ll have exposure to a range of industries and economies so you have multiple opportunities for growth and won’t be tied to the fate of a single stock,” Marcus Invest said on its website.
Marcus Invest also said that it will monitor portfolios daily and automatically rebalance accounts to keep them on track with longer-term goals.
Goldman Sachs is making a big bet on Marcus to diversify and reach new customers. The asset management and investment advisory business is increasingly targeting younger customers that want to take more responsibility for their own finances as well.
Other brand name financial firms are also taking on services like Robinhood and Webull, which have helped popularize zero commission trading accounts.
Goldman Sachs announced last month it was partnering with card issuing company Marqeta, which the investment bank has a stake in, to begin offering digital checking accounts to Marcus customers later this year.