Goldman Sachs PFM Sheds Individual Clients The former United Capital has lost about 8% of its individual clients even as it gained in the HNW segment and overall AUM.
Regulatory filings for Goldman Sachs Personal Financial Management (PFM), as United Capital was renamed after it was acquired by Goldman Sachs in 2019, shows that the firm lost individual clients from 2020 to 2021, even as it gained some HNW and institutional clients and its overall AUM grew, according to the firm s most recent regulatory filings.
The firm’s Form ADV filed at the end of March showed that the number of individual clients managed by the firm dropped some 8%, from 14,940 in December 2020 to 13,715 by this spring. Assets managed across individual client accounts fell 5%, from $5.27 billion to $4.99 billion.
Small RIA custodians put in spotlight after Schwab-TD Ameritrade acquisition
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Goldman’s Robo Will Be Retrofitted for Its Advisors Goldman is currently working on a version of Marcus Invest that takes an advisor relationship into account, said Joe Duran, head of Goldman Sachs Personal Financial Management.
Goldman Sachs launched its new automated investment advice platform, Marcus Invest, this week, for clients with as little as $1,000. But the firm is working on a version for its in-house advisors, said Joe Duran, head of Goldman Sachs Personal Financial Management.
Of course, the unit’s 400 advisors can refer clients to Marcus Invest today, but they don’t get the personalization and human touch within the robo application. And the advisor currently doesn’t have visibility into the platform.
Interactive Brokers Nets European Brokerage License to End 2020 With the opening of a Budapest office, Interactive Brokers now covers both Western and Central Europe.
Last updated on January 15, 2021
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Interactive Brokers (IBKR) ends the year with good news from Hungary’s central bank, Magyar Nemzeti Bank. By granting the massive trading platform a brokerage licence, Hungary’s capitol – Budapest – becomes IBKR’s second new branch this year, following Singapore.
IBKR’s Expansion to Budapest Explained
Founded long before the internet went mainstream, Interactive Brokers (IBKR) continues to expand its brokerage footprint. Servicing clients interested in bonds, funds, stocks, currencies, and derivatives, IBKR already covers over a million clients globally. After receiving approval by Hungary’s central ba
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