Goldman Sachs Private Monetary Administration continues to lose advisors within the wake of the $29 billion AUM unit’s sale to Peter Mallouk’s Inventive Planning.
Quotient Wealth Companions, a Dallas-headquartered registered funding advisor created final month by Goldman PFM defectors, has added extra advisors to its places of work. The RIA, which is backed by Dynasty Monetary Companions, introduced on Brian Weatherly, a vice chairman and senior wealth advisor in its Dallas workplace, in line with SEC filings. At Goldman Sachs, he was a vice chairman and wealth supervisor.
In accordance with Quotient’s web site, the agency additionally added Megan Douat, a vice chairman of asset and wealth administration at Goldman, as vice chairman and wealth advisor in Houston; Colin Faulk, a senior affiliate and monetary planner, in Houston; and Lucas Baker, an affiliate at Goldman, as senior affiliate and wealth advisor in Dallas. Douat, Faulk and Baker are nonetheless registered with Goldman Sachs.
Quotient’s web site exhibits it has additionally recruited Brenda Fraga, a enterprise officer supervisor at Goldman, as senior director and enterprise service analyst, in Dallas; and Garrett Guidotti, an analyst at Goldman, as senior affiliate and monetary planner in Denver.
Dynasty spokeswoman Sally Cates declined to remark. Weatherly, Douat, Fraga, Guidotti and Baker didn’t return requests for remark previous to publication.
Earlier this week, WealthManagement.com reported {that a} Morristown, N.J.-based crew had left Goldman Sachs PFM to affix Quotient.
One other former Goldman PFM advisor additionally has joined Meridian Wealth Administration, a Lexington, Ken.- and Tucson-based RIA with about $1.8 billion in belongings below administration, in line with regulatory filings. Chase Gelardi, a former wealth advisor at Goldman Sachs is now registered with Meridian. He’s based mostly within the Scottsdale, Ariz. space, and this follows information that three different Arizona-based advisors additionally jumped to Meridian. Gelardi didn’t return a request for remark by press time.
As well as, Justin Isaac, a former vice chairman at Goldman Sachs, has gone to Advisors Capital Administration, a Ridgewood, N.J.-based RIA, in line with a regulatory submitting.
Goldman Sachs has filed a number of arbitration claims towards former PFM advisors, together with those that launched Quotient, to implement non-compete agreements that these advisors signed.
“PFM advisors made quite a lot of commitments to the agency after they signed their employment contracts, and we intend to carry them to these commitments,” a Goldman Sachs spokeswoman mentioned, in an announcement. “We take these issues severely and can take applicable motion towards any adviser who makes an attempt to violate their contractual obligations.”
A spokesman for Inventive Planning didn’t return a request for remark previous to publication.
A number of giant advisor groups have defected from Goldman’s PFM unit because the agency introduced the sale to Inventive Planning, becoming a member of corporations like Farther, Apollon Wealth and Prime Capital Funding Advisors, in line with printed reviews.
Goldman Sachs PFM managed somewhat greater than $29 billion throughout 781 advisors on the finish of final yr, in line with federal filings.
