Goldman Sachs, once reserved for the rich, is close to offering wealth management for the masses

Goldman Sachs, once reserved for the rich, is close to offering wealth management for the masses

A woman looks at Marcus, a new savings and loans app recently launched by Goldman Sachs in New York, January 10, 2020.Mike Segar | ReutersGoldman Sachs has, for decades, set its sights on the global elite when it comes to wealth management. Now, it's opening up to everyone else.The bank has begun internal testing of a new automated investment service ahead of a broader roll-out early next year, according to an email obtained exclusively by CNBC. Employees who sign on to the digital service, called Marcus Invest, will pay an annual management fee of 0.15%, according to the company memo."As we prepare for the public launch in Q1 2021, we are pleased to invite consumer and wealth management colleagues to provide early feedback on Marcus Invest through our beta program," Tucker York and Stephanie Cohen, co-heads of the consumer and wealth management division, said in the Dec. 14 email.Goldman's move is the latest example of a shift towards Main Street that begun in 2016 with its Marcus brand of personal loans and savings accounts. The bank, which has long catered to the ultra-wealthy, corporate officers and institutional investors, is seeking new sources of revenue away from trading and investment banking.As