Goldman Sachs, the famed Wall Street investment bank, is increasingly moving to Main Street with the rollout of consumer financial services offices offerings, the latest being Marcus Invest this week. Marcus Invest is a digital investing product for retail consumers.

Why should we care?
Goldman Sachs has pursued a strategy to build out its suite of products under the consumer brand Marcus by Goldman Sachs, which currently offers savings accounts, unsecured personal loans, and digital financial advice. With the robo-adviser, Marcus by Goldman Sachs moves increasingly full circle in its retail offerings, positioning it to compete head-to-head with both consumer fintechs and other banks. The company will also launch a checking account later this year. Through Marcus Invest, Goldman won’t be letting customers buy individual stocks, like on Robinhood, Webull or other online brokerages. Instead, users’ diversified portfolios will be based on models developed by the company’s investment strategy committee. Through Marcus Invest, Goldman will be boosting its retail product suite and diversifying revenue streams alongside trading and investment banking. Goldman CEO David Solomon was reportedly among the beta testers. Marcus currently has $97B in deposits, with the goal to grow that number to more than $125B by 2024.