Goldman has decided to delay the launch of its robo advisor until 2021, COO John Waldron said. The firm is also slowing its hiring of financial advisors.
Goldman announced in November that it built a robo advisor and said in January it was planning to release it this year as part of Marcus, the firm’s online banking and lending offering. Goldman has seen increased engagement with its existing digital products, including a 300% year-over-year increase in visits to educational content on Marcus. Still, the firm is delaying the robo, and is “acting prudently in the current environment,” Waldron says.