The investment bank, who has shown it is not scared to build its own online lending platform (Marcus), is now eyeing an in-house automated digital advice platform for its $1.4tn investment management division.
Goldman Sachs runs a private wealth business that has focused on clients with $50 million or more in assets. The bank has been doing more with mass-market consumers in recent years, opening an online bank and an Internet lender for consolidating credit-card debt. Last year, it purchased a retirement-plan operator for members of the so-called gig economy. The robo-adviser would be housed in the firm’s investment-management division, which supervised almost $1.4 trillion in client assets at year-end.