Goldman Sachs is now offering wealth management for the general public. The digital service, called Marcus Invest, can be started with as little as $1,000. Users can choose among three model portfolios composed of ETFs from Goldman and outside providers. CNBC’s banking reporter Hugh Son joins ‘Closing Bell’ to discuss. For access to live and exclusive video from CNBC subscribe to CNBC PRO:

Goldman 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 rollout 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,” the email said. The memo was signed by Tucker York and Stephanie Cohen, co-heads of the consumer and wealth management division.

Goldman’s move is the latest example of a shift toward 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 part of that push, the firm hopes to broaden its reach in wealth management to the so-called mass affluent. For years, the bank has mostly targeted clients with at least $25 million to invest for white-glove service from its private wealth management group. Then last year, Goldman acquired boutique wealth management firm United Capital to help it serve single-digit millionaires.

The Marcus Invest account, however, can be started with as little as $1,000, according to the memo. Users can choose among three model portfolios composed of ETFs from Goldman and outside providers. It will be integrated with other offerings, including a personal finance tool called Marcus Insights, on the Marcus app and online portal. A Goldman spokesperson confirmed the authenticity of the Dec. 14 email and declined to comment further.

Goldman’s product for the masses comes years after versions from competitors including Morgan Stanley and Bank of America and the start-ups that pioneered the technology. What differentiates Goldman’s is that some of the intellectual firepower once reserved for the firm’s richest clients will be funneled into the digital service.

“Marcus Invest helps take the heavy lifting out of investing with managed portfolios of ETFs based on models designed by our colleagues in the Investment Strategy Group, and featuring GSAM’s ActiveBeta and Access ETFs in select portfolios,” according to the memo. The firm’s Investment Strategy Group steers asset allocation for private wealth clients. It’s GSAM unit, which stands for Goldman Sachs Asset Management, is known for a popular series of smart-beta ETFs.

» Subscribe to CNBC TV:
» Subscribe to CNBC:
» Subscribe to CNBC Classic:

Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30:

Connect with CNBC News Online
Get the latest news:
Follow CNBC on LinkedIn:
Follow CNBC News on Facebook:
Follow CNBC News on Twitter:
Follow CNBC News on Instagram: