Goldman Sachs has launched Marcus Invest, its wealth management services for the mass affluent investor.

The new platform, which went live on Tuesday, has an account minimum of just $1,000 and charges a 0.35% annual advisory fee, which doesn’t include fund fees and costs of ancillary custodian services, the company says on its website.

The platform offers portfolios with stock and bond exchange-traded funds, based on the customer’s risk tolerance and customized via a selection of one of four strategies, including one based on sustainable business practices and another one offering a smart beta approach. In all, it offers more than 50 managed portfolios, the company says.

Goldman also says it will apply a credit for Goldman Sachs ETFs, if the customers choose them, to the advisory fee, up to the full amount of the fee. The platform also touts “tax-smart management” in how the portfolios are rebalanced.

Goldman COO John Waldron said in June 2019 that the firm was “developing a digitally empowered mass affluent capability.”

The company had been testing Marcus Invest with its own employees, CNBC reported in December. At the time, the platform came with a 0.15% annual management fee that was a special offer for Goldman staff. The platform’s current rate is similar to robos from its competitors Morgan Stanley and Merrill Lynch.

Marcus Invest marks Goldman’s definitive entry into the mass affluent investor market. Traditionally, the firm had worked with clients with $25 million or more in investable assets, but its 2019 acquisition of United Capital signaled the company’s push to capture investors of more modest means. In December, former United Capital CEO Joe Duran — who now heads Goldman Sachs Personal Financial Management — told the Financial Times that the firm was on schedule to launch a digital wealth management platform in 2020, aimed at clients with as little as $5,000.

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