Goldman building robo-adviser

Goldman Sachs Group Inc is building a socalled robo-adviser geared to mass affluent customers, according to a job listing posted on the bank’s website.

A Goldman spokesman declined

The job posting for employees to help build the platform comes as Goldman is looking at ways to broaden its customer base outside the super wealthy, including making deeper inroads into new consumer-focused businesses.

The bank last year launched Marcus, its first major foray into consumer lending, as well as a complementary deposit-taking platform after acquiring GE Capital’s online bank. It also acquired Honest Dollar, an online retirement savings platform for small businesses and start-ups.

The robo platform would sit within the to comment. bank’s rapidly growing investment management division, according to the ad. The unit, which Goldman has been trying to build out in recent years to diversify its revenue, posted a record $1.38 trillion in assets under supervision at the end of 2016.

Goldman has for years grappled with how to tap into the mass affluent segment, broadly defined as those with less than $1 million in investable assets, without diluting the brand of its private wealth business which is considered a jewel within the bank, according to people familiar with the matter. Goldman’s US private wealth business typically advises clients with an account size of around $50 million.

Goldman has in the past considered expanding Ayco, a wealth advisory firm it purchased in 2003, as a way to push more deeply into the mass affluent segment, the people added.