Today may just be your lucky day. But don’t think for one second that you’re going to get the same access to Goldman’s proprietary “market color” as GSAM’s wealthier private clients, or even be able to speak with one of Goldman’s massively overpaid advisers for that matter. No, for all you peons who make up the “mass affluent market,” Goldman will gladly take your money but if you want advice you’ll have to go through their brand new “Robo-Adviser.” As Reuters points out today, in an effort to diversify risk away from the super wealthy, Goldman.
- If you always wanted to invest with Goldman Sachs but only had $1 million of liquid investable assets, now you can.
- You will not get the same access as the wealthier private clients. If you want advice you’ll have to go through their brand new “Robo-Adviser.”
- Other llarge firms such as Charles Schwab Corp (SCHW.N) and Vanguard have launched similar services.
“For all you ‘poor’ people (and you know who we’re talking about…all you people with only around $1 million of liquid investable assets) out there who always wanted to invest their money with Goldman Sachs but didn’t have the $50 million net worth required to become a private wealth client, today may just be your lucky day.”