Goldman Sachs is ramping up its efforts to lure retail investors, eliminating investment minimums on its robo-advisor, according to news reports.

The company’s Marcus Invest robo-advisor, which previously required at least $1,000 to open an account, no longer has a minimum, although the account must have at least $5 for the money to be invested in selected portfolios, FA-IQ sister publication Ignites writes.

Moreover, Goldman dropped the management fee on the robo to 25 basis points, a 10 bps drop from the previous fee, according to the Wednesday disclosure cited by the publication.

“We have updated our account minimums and management fees to make the product more accessible and to deliver more value to our customers,” Harshal Goel, managing director at Marcus, told Ignites.

Goldman will even pay ancillary services fees charged by Apex Clearing Corp. tied to optional banking and operational services not covered by the management fee, the publication writes, citing the filing.

Goldman’s competitors in the digital advice space have minimums across the spectrum: offerings from Acorns, Fidelity, Betterment and Ellevest require no minimum, while SoFi Wealth’s robo requires just $1, according to Ignites.

Goldman’s move may place it in better position than rivals including Merrill Lynch, Schwab, Morgan Stanley and UBS in particular.

Merrill Edge Guided Investing has a $1,000 minimum, while Morgan Stanley Access Investing and Schwab Intelligent Portfolios, as well as FutureAdvisor, each have a $5,000 minimum, and UBS Advice Advantage requires a $10,000 minimum, Ignites writes.

Capital One Investing, meanwhile, requires a $100,000 minimum, according to the publication.

Last month, asset management firm American Century Investments revealed plans for a “hybrid financial advisor platform” it’s developing with Marstone to roll out in the fourth quarter.

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