Goldman charged into the debate last week with the rollout of Marcus Invest, its automated money manager. Marcus joins a crowded field of robo-advisers offering managed portfolios for a lot less than 1%. Goldman’s bot will charge 0.35% a year.
Financial advisers are quick to point out what robots won’t do. They won’t customize a portfolio to individual needs and wants, advisers say. They won’t hold your hand when the market tumbles and you want to bury what’s left of your money in the backyard. And they won’t encourage you to save more for retirement or help you decide how much you can safely spend when you get there.