Goldman Sachs will start to offer digital wealth management services to individuals.
After Goldman Sachs acquired wealth manager United Capital for $750 million to expand its wealth management businesses and target the US’ middle wealth management market in May, the Wall Street giant said it is set to start offering digital wealth management services to individuals, according to Business Insider.
This new robo advisor service targets a lower-income demographic that’s still looking to build its wealth. It will run alongside Goldman Sachs’ other wealth management products, like Goldman Sachs Private Wealth Management, which provides advice and investment solutions to high net worth individuals and families, in addition to endowments, as well as Ayco, a financial counseling and investment management service for corporate executives and employees.
United Capital has already completed trials with clients introduced through Ayco. The robo advisor will be offered both to United Capital’s direct clients and outside advisers who use United Capital’s Finlife wealth management platform, Business Insider reports, per the FT.