Goldman Building Robo-adviser to Give Investment Advice to Its ‘Poor’ Clients
Another case of persuasive penetration of AI and automation into every nook and cranny of our economy. Instead of targeting low skill labor, this particular application is after the financial industry where the human touch has traditionally been valued as a competitive differentiator.
If you consider yourself an affluent investor with a material amount of invest-able net worth but does not quite qualify for access to Goldman Sach’s advice to its wealthy private clients – in other words, you are rich but not Goldman rich – congratulations! You can now have the privilege of being advised by Goldman – its robo-advisor rather.
As Reuters reports, this robo-advisor is designed to go after fees in the mass affluent segment, broadly defined as those with less than $1M invest-able assets.Full article: http://www.reuters.com/article/us-goldman-sachs-wealth-idUSKBN16R2LC?il=0