Goldman Sachs Sells Marcus Invest to Betterment

Goldman Sachs is exiting its digital investment advisory unit Marcus Invest by selling its accounts to robo-advisor Betterment. Learn more here.

Goldman Sachs is set to make a strategic move by stepping back from its digital investment advisory unit, Marcus Invest, as it has reached an agreement to sell its digital investing accounts to robo-advisor Betterment. The transfer of the unit's digital investing accounts and assets under management to Betterment is scheduled to be completed around 29 June. Launched in October 2016, Marcus has been a key player in Goldman Sachs' digital consumer banking and lending platform, offering services such as deposits, credit cards, and savings accounts. The platform has been operating under Goldman Sachs' asset and wealth management division since 2022, as part of the bank's efforts to shift its focus away from retail banking.

With over 850,000 customers and $45 billion in assets under management, Betterment is well-positioned to provide a seamless transition for account holders. Customers will have access to automated investing, tax and planning tools, as well as a variety of account types and portfolio diversification opportunities. The financial details of the deal have not been disclosed, but the move is expected to benefit both parties involved.

Goldman Sachs' decision to sell its digital investment accounts to Betterment marks a strategic shift in its business strategy. By leveraging Betterment's expertise in robo-advisory services, Goldman Sachs aims to streamline its operations and focus on its core strengths in asset and wealth management.