Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News  >  Business Leaders  >  All news

Business Leaders

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 
HomeAll newsMost read newsBusiness Leaders Biography 
Age : 78
Public asset : 6,177,567,429 USD
Linked companies : Charles Schwab Corp
Biography : Mr. Charles R. Schwab is Founder at Charles Schwab Hong Kong Ltd. and Chairman at Charles & Helen Sc

Goldman building robo-adviser to give investment advice to the masses

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/21/2017 | 11:12am CET
A sign is displayed in the reception of Goldman Sachs in Sydney

Goldman Sachs Group Inc (>> Goldman Sachs Group Inc), known for advising the world's richest and most powerful, is building a so-called robo-adviser geared to mass affluent customers, according to a job listing posted Monday on the bank's website.

Goldman Sachs Group Inc (>> Goldman Sachs Group Inc), known for advising the world's richest and most powerful, is building a so-called robo-adviser geared to mass affluent customers, according to a job listing posted Monday on the bank's website.

A Goldman spokesman declined to comment.

The job posting for employees to help build the platform (See the job ad http://www.goldmansachs.com/a/data/jobs/46404.html) comes as Goldman is looking at ways to broaden its customer base outside the super wealthy, including making deeper inroads into new consumer-focused businesses.

The bank last year launched Marcus, its first major foray into consumer lending, as well as a complementary deposit-taking platform after acquiring GE Capital's online bank. It also acquired Honest Dollar, an online retirement savings platform for small businesses and startups.

The robo platform would sit within the bank's rapidly growing investment management division, according to the ad. The unit, which Goldman has been trying to build out in recent years to diversify its revenue, posted a record $1.38 trillion in assets under supervision at the end of 2016.

Goldman has for years grappled with how to tap into the mass affluent segment, broadly defined as those with less than $1 million in investable assets, without diluting the brand of its private wealth business which is considered a jewel within the bank, according to people familiar with the matter. Goldman's U.S. private wealth business typically advises clients with an account size of around $50 million.

Goldman has in the past considered expanding Ayco, a wealth advisory firm it purchased in 2003, as a way to push more deeply into the mass affluent segment, the people added.

While the robo-advice market was initially developed by startups such as Wealthfront and Betterment with ambitions of upending the traditional financial advice sector, large firms such as Charles Schwab Corp (>> Charles Schwab Corp) and Vanguard have launched similar services.

Other large firms are partnering with or buying existing players.

UBS Group AG (>> UBS Group AG) and Wells Fargo & Co (>> Wells Fargo & Co) are partnering with online financial adviser SigFig Wealth Management, while BlackRock Inc (>> BlackRock, Inc.) acquired FutureAdvisor.

Morgan Stanley is launching its own robo-advisor later this year, primarily for the children of its existing clients. CEO James Gorman has said that firms which combine digital and human advice will be more successful in the future.

(Reporting by Olivia Oran; additional reporting by Anna Irrera in New York; Editing by Cynthia Osterman)

By Olivia Oran

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news about Charles Schwab 
12:15pDJCHARLES SCHWAB : ProShares No Longer Wants to Pay Charles Schwab to Sell Its ETFs
03/21 CHARLES SCHWAB : Goldman building robo-adviser to give investment advice to the masses
03/20 CHARLES SCHWAB : Goldman building robo-adviser to give investment advice to the masses
03/14 CHARLES SCHWAB : Charles Schwab launches hybrid human-robo financial advice
03/13DJCHARLES SCHWAB : Stocks Struggle For Direction As Fed Decision Looms, Health Care Falters
02/03 CHARLES SCHWAB : Discount broker shares tumble on price war fears
02/02DJCHARLES SCHWAB : Schwab Cuts Trading Commission On ETFs, Expenses on Mutual Funds
01/22 CHARLES SCHWAB : Optimism among S&P 500 CEOs as Trump takes power
01/18DJCHARLES SCHWAB : Charles Schwab Profit Climbs on New Accounts
2016DJCHARLES SCHWAB : Charles Schwab Joins Wave for Robo Services With Human Element
2016DJCHARLES SCHWAB : New Rule Will Help No-Load Funds -- WSJ
2016DJCHARLES SCHWAB : TD Ameritrade to Acquire Scottrade
2016DJCHARLES SCHWAB : Charles Schwab Increases Revenue and Profit on New Clients
2016DJCHARLES SCHWAB : Charles Schwab Increases Revenue and Profit on New Clients
2016 CHARLES SCHWAB : Schwab 'robo adviser' more than doubled assets over the last year
1  2  3  4  5  6  7  8  9  10Next

Advertisement
Most Read News 
03/18DJTIM COOK : Apple CEO Tim Cook Defends Globalization in China Speech
03/17 FERDINAND PIËCH : Former Volkswagen chairman Piech in talks to sell Porsche SE stake
03/21 CHARLES SCHWAB : Goldman building robo-adviser to give investment advice to the masses
03/20 CHARLES SCHWAB : Goldman building robo-adviser to give investment advice to the masses
03/18DJCLAUDIO DESCALZI : Italy Nominates Eni CEO Descalzi for Second Term
03/17 WARREN BUFFETT : Buffett's pay rises; Berkshire urges rejection of shareholder proposals
03/20DJMARISSA MAYER : Top Company News of the Day
More news

Popular Business Leaders 
William Ackman Alain Afflelou Bernard Arnault Max Azria Mary Barra Vincent Bolloré Warren Buffett Jean-paul Clozel Gary Cohn Tim Cook Leonardo Del Vecchio Michael Dell Sebastian Ebel Klaus Engel Bill Gates Carlos Ghosn David Henry Jen-hsun Huang Carl Icahn Robert Iger Anshu Jain Isabelle Kocher Maurice Lévy Jack Ma Sergio Marchionne Marissa Mayer Lakshmi Mittal Rupert Murdoch Elon Musk Peter Nicholas Robert Peugeot Ferdinand Piëch Patrick Pouyanné Alexandre Ricard Wilbur Ross Charles Schwab Carlos Slim George Soros Ulrich Spiesshofer Rupert Stadler Bernard Tapie Ratan Tata Peter Terium Tidjane Thiam François Villeroy De Galhau Axel Weber Thomas Wilson Martin Winterkorn Dieter Zetsche Mark Zuckerberg
A-Z Business Leaders