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

From the company 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 wallets, the sister publication writes. FA-IQ Ignites.

Additionally, Goldman lowered the management fee on the robo to 25 basis points, a 10 basis point drop from previous fees, according to Wednesday’s disclosure cited by the publication.

“We have updated our account minimums and management fees to make the product more accessible and provide more value to our customers,” Harshal Goelgeneral manager of Marcus, told Ignites.

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

Goldman’s competitors in digital consulting have minimums across the spectrum: offerings of Tassels, loyalty, Improvement and Ellevest require no minimum, while SoFi WealthThe robo only requires $1, according to Ignites.

Goldman’s move could put it in a better position than rivals, including Merrill Lynch, Schwab, Morgan Stanley and UBS especially.

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

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

Last month, asset management company Investments of the American Century revealed plans for a “hybrid financial advisor platform” it is growing with marpierre to be deployed in the fourth quarter.

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