AsiaIndustrial NetNews: Goldman Sachs, a world-renowned investment bank, specializing in providing investment, consulting and financial services for the richest and most powerful people in the world, is finally going to provide financial services for the masses. Could this be the legendary service sinking? ?
Wait a minute, this mass class refers to the mass affluent, which Reuters reported, citing people familiar with the matter, refers to those with investable assets of about $1 million or less. Note that it is not an annual income of one million, it is an investable asset, that is, there is nowhere to spend the spare money.
And Goldman Sachs doesn’t plan to use real people to help you manage, but to useRobot.
According to a job posting on Goldman’s official website this week, Goldman Sachs Group is promoting the construction of a new autonomous robo-advisory product. Goldman Sachs has neither denied nor commented on it.
The job advertisement shows that this position serves their digital information solutions business (Digital Advise Solutions, DAS), mainly by building aautomationThe investment advisory platform covers the mass affluent.
More recently, Goldman Sachs, formerly focused on the high-end, is looking for ways to expand its client base beyond the super-rich, including consumer-focused businesses, in order to diversify its revenue. .
Just last year, Goldman Sachs raided consumer credit, launching an online lending platform called Marcus. He has since launched a depository platform after acquiring the online bank owned by GE Capital. He also bought Ho, an online platform for managing pensions, in March last year.nest Dollar.
It seems that this traditional investment bank has finally begun to change its thinking and serve the “poor”. According to the new platform, it will be part of Goldman Sachs Group’s fast-growing wealth management business unit. Goldman Sachs’ financial report last year showed that as of the end of 2016, the total assets under management of the division have reached 1.4 trillion US dollars.
Compared with Goldman Sachs’ level of asset management, some small robo-advisory companies in the United States are naturally far behind. What may make Goldman Sachs have to pay attention is that their growth rate is extremely fast. Betterment and Wealthfront are the originators of the world’s leading robo-advisory companies. Data show that Wealthfront’s asset management scale has jumped from $1.83 billion in January 2015 to 2 in 2016. nearly $3 billion a month.
From the perspective of the entire market, many financial institutions are also optimistic. The Citi report pointed out that the assets under management of robo-advisors reached 18.7 billion US dollars by the end of 2015. In the next ten years, it will reach 5 trillion US dollars. The robo-advisor service launched by asset management company Vanguard has an asset management scale of 47 billion US dollars; Charles Schwab released the robo-advisor Scwab Intelligent Portfolios, which exceeded 10.2 billion, surpassing the originator of the two robo-advisors. It seems that traditional financial institutions are not bad at artificial intelligence.
Assets under management of each robo-advisor (unit: US$ million)
Therefore, the cold-hearted Goldman Sachs may not be able to sit still, and finally began to look directly at the “poor market” of the masses, but just leave it to the Robot.
Obviously, in the eyes of Goldman Sachs, the spare money is just a low-end group of their customers, but, in order to diversify their income, this bank, which specializes in serving the super rich, handsome, white and rich, is also slightly willing to serve the spare money but a million dollars. of people.
According to people familiar with the matter, the $1 million line was set so as not to dilute the brand of its private wealth business, which has always been seen as the top of the pyramid even within the banking industry. Generally, Goldman’s U.S. private wealth management arm will only serve those with more than $50 million in their accounts.
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