Honest Dollar by Goldman Sachs announced today it will offer portfolios powered by Goldman Sachs Asset Management (GSAM) to individuals looking to save for retirement. To make it easier to get started, Honest Dollar will waive its account fees1 through 2018.
“Our clients can now access model portfolios that are constructed and monitored by GSAM,” says Greg Wilson, Co-Head of Honest Dollar. “Starting is often the biggest hurdle when saving for retirement, so we’re waiving our account fees to make it easier for people to start today.”
The portfolios include a large selection of passive, non-proprietary Exchange-Traded Funds (ETFs) sourced from multiple unaffiliated providers, offering diversification across asset classes and regions. ETFs can be a low-cost way to invest in a diversified portfolio and help clients as they build wealth for retirement.
Account fees will be waived through 2018 for all Honest Dollar users, and beginning in January 2019 they will be $1 per month for balances of $5,000 or less and 25 basis points annually for balances above $5,000.
For more information, please visit Honest Dollar.
About Honest Dollar by Goldman Sachs
Honest Dollar is a digital retirement savings provider. Since 2015, we’ve worked to deliver an easy way for individuals to set money aside for the future. Honest Dollar offers easy-to-use and low-cost retirement savings options, so you can save whatever amount is right for you. Honest Dollar benefits from Goldman Sachs’ 148-year history of financial experience, risk management and customer service.
About Goldman Sachs Asset Management (GSAM)
GSAM is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which supervises $1.2 trillion in assets as of June 30, 2017.2 GSAM has been providing discretionary investment advisory services since 1988 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.
1The account fee, or the wrap fee, is for services provided by Honest Dollar and the custodial and brokerage services provided by the custodian. The account holder is responsible for the wrap fee, which is the fee being waived for 2018. The wrap fee does not include the fees and expenses applicable to investment funds, including the fees and expenses that are reflected in the price of the ETF and mutual fund shares, which are deducted from the fund’s net asset value and are borne by the fund’s shareholders. The wrap fee also does not include additional costs that are charged by the custodian for ancillary services. For more information regarding the wrap fee and other costs associated with the program, please refer to the Honest Advisors Form ADV Part 2 Brochure, available at www.honestdollar.com/legal. Pricing is subject to change.
2Assets Under Supervision (AUS) includes assets under management and other client assets for which Goldman Sachs does not have full discretion.
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Contacts:
Andrew Williams, +1-212-902-5400
