The small plan retirement market has a new player: and it’s one that needs no introduction.
Goldman Sachs has become the latest entrant into the marketplace after swooping for start-up company Honest Dollar. The latter is a digital platform that is designed to offer retirement plans for workers in small and medium-sized companies that don’t carry their own plans.
According to a report in the New York Times
, Honest Dollar’s plans begin from just $8 a month and the company builds portfolios that include four ETFs from Vanguard. It will recommend one from a choice of six portfolios based on answers to a questionnaire.
Goldman appears to be expanding its digital offerings, having also led a $25 million financing of Moto Investing, a robo investment tool.
Elsewhere, Investopedia, the financial equivalent of Wikipedia, is also dipping its toes into financial advice: but it is offering the advice for free.
The company is offering a platform called Advisor Insights. It gives users the chance to pose questions which are passed on to advisors who can pick what they want to answer. The idea is that the advisors can benefit from being exposed to the web publication’s 20 million visitors.