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Goldman Sachs offloads Marcus robo-advisor customers to Betterment

Goldman Sachs offloads Marcus robo-advisor customers to Betterment

Goldman Sachs continues its retreat from consumer banking, striking a deal to sell its Marcus Invest digital investing accounts to Betterment.

Digital investment advisor Betterment will take on Marcus Invest customers that do not opt out in late June. Terms of the deal and the number of customers involved were not disclosed.

Goldman added the Invest automated investing feature to Marcus, its online retail banking service, in 2021 as part of its push into the consumer market. The feature recommends a portfolio of stock and bond ETFs based on the customer's risk level and timeline.

However, Goldman has been retreating from the consumer market, hiving off Marcus, looking to exit its credit card deal with Apple and selling BNPL outfit Greensky.

The Wall Street giant says it is still committed to Marcus, and will continue to focus on its growing the Marcus Deposits platform which serves over three million customers and has well over $100 billion in consumer deposits.

"As we increase our focus on our growing Marcus Deposits platform, we made the decision to transition away from our digital investment advisor offering and wanted to find a great home for those customers," says Marcos Rosenberg, global head, Goldman Sachs Marcus.

Betterment already claims to be the largest independent digital investment advisor in the US, with more than 850,000 customers and more than $45 billion in assets. The firm is only acquiring Marcus Invest accounts and assets under management; not any additional accounts, technology, employees, or operations.

Sarah Levy, CEO, Betterment, CEO, says: "We are excited to welcome these customers to Betterment where our scalable technology platform will continue to support them on their investing journeys."

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