Goldman Sachs Agrees to Transfer Marcus Invest Robo-Advisory Accounts to Betterment, Exiting Retail Investment Product

Goldman Sachs has agreed to transfer all Marcus Invest robo-advisory accounts to Betterment, the digital investment advisory firm. The transaction is expected to close by the end of the second quarter of 2024, with existing Marcus Invest clients set to be migrated to Betterment's platform under the terms of the agreement. Customers who do not wish to have their accounts transferred have been given until 20 June to opt out.

Betterment manages approximately $45 billion in assets under management.

GOLDMAN'S CONSUMER BUSINESS

Goldman Sachs set out its consumer banking ambitions in 2016. Under the Marcus brand, the firm built a deposit-taking business, a personal loans product and the Apple Card partnership.

The robo-advisory product offered algorithmically managed diversified portfolios. Goldman said it had decided to transition away from its digital investment advisory offering in order to concentrate on its Marcus deposits platform.

The firm has separately been seeking to exit the Apple Card partnership and has previously divested the GreenSky consumer lending platform.