Got an email today from Marcus (Goldman's consumer arm) telling me that they're shutting down Marcus Invest and moving all accounts to Betterment in June. You can opt out by liquidating your account. I have a very small (~$16k) investment account at Marcus with very modest (~$2k) gains. Pretty sure I only opened it to get some kind of bonus, as I use Marcus for my HYSAs and have all other taxable investments at Vanguard. Expense ratio + management fee is roughly in line with Vanguard active funds.
Assets are going to be transferred to Betterment in kind, then "gradually transitioned" to a "similar" Betterment portfolio. For my portfolio type ("Smart Beta"), it seems this will actually be the same, just called "Betterment by Goldman Sachs Smart Beta." Betterment states that it "will strive to make this update as tax-efficient as possible by using dividends, deposits, and transfers to help minimize tax impact, but the transition may result in some tax impact." So not liquidating doesn't guarantee no tax consequences, although again it's not clear if the portfolio will indeed change at all.
Given this, I'm debating opting out and consolidating at Vanguard. Anyone else facing this issue?
Assets are going to be transferred to Betterment in kind, then "gradually transitioned" to a "similar" Betterment portfolio. For my portfolio type ("Smart Beta"), it seems this will actually be the same, just called "Betterment by Goldman Sachs Smart Beta." Betterment states that it "will strive to make this update as tax-efficient as possible by using dividends, deposits, and transfers to help minimize tax impact, but the transition may result in some tax impact." So not liquidating doesn't guarantee no tax consequences, although again it's not clear if the portfolio will indeed change at all.
Given this, I'm debating opting out and consolidating at Vanguard. Anyone else facing this issue?
Statistics: Posted by ETK517 — Wed May 22, 2024 2:06 pm — Replies 0 — Views 94