Wednesday, November 29, 2023
HomeWealth ManagementMindy Diamond on Independence: An Take a look at Goldman Sachs' Custodian

Mindy Diamond on Independence: An Take a look at Goldman Sachs’ Custodian


In the case of aggressive recruiting, Goldman Sachs has lengthy stood steadfastly exterior of the taking part in discipline. Detest to pay aggressive transition offers, the agency targeted as a substitute on recruiting second-career advisor expertise who grew into skilled Goldman Personal Wealth Advisors. And it’s a formulation that labored.

But hypothesis circled when the agency acquired Folio Monetary, a comparatively small custodian with roughly $11 billion in belongings beneath advisory for about 450 RIAs.

Then they employed two celebrity recruiters from Schwab and Pershing (Richard Lofgren and Invoice Dalton, respectively)—sending a shot throughout the bow indicating that they had been lining up their forces to make their very own leap into the impartial panorama.

That’s, to change into the custodian of alternative for advisors seeking to construct their very own RIA companies—and capitalize on the elite standing of the Goldman identify, platform and options within the course of.

And whereas it took a while to get off the bottom, Goldman Sachs Advisor Options is demonstrating that advisors are in search of a brand new choice within the custody house that may resonate with their imaginative and prescient.

On this episode, we welcome one of many two superstars talked about earlier, Richard Lofgren, to get the within baseball from the managing director who’s had his boots on the bottom with Goldman since 2020. In a dialog with Louis Diamond, Richard shares:

  • The Goldman Advisor Options worth proposition—and what differentiates it from established custodians like Schwab, Constancy, and Pershing.
  • The worth to advisors—and the way that interprets right into a strategic win for Goldman.
  • The revolutionary companies and help advisors can count on—and why “growth-focused trendy advisors” are the best match for the platform.
  • Plus, Richard shares some early success tales and Goldman’s targets for the longer term.

This episode exemplifies how even probably the most prestigious companies on the Road want to make the leap to independence—with precious perception for any advisor seeking to higher perceive how this new choice suits into an evolving panorama.

Obtain a transcript of this episode…

Hearken to extra episodes of Mindy Diamond on Independence: A Podcast for Monetary Advisors Contemplating Change

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