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BMO, Kestra, Putnam, Breckinridge Tap New CIOS | Chief Investment Officer
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Kestra Taps Goldman Sachs Kara Murphy as First CIO
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Goldman’s Brand Could Be Its Biggest Benefit or Achilles’ Heel in Attracting RIAs Goldman Sachs has been quietly building RIA custodial services behind the scenes, with big-name hires and plenty of resources; but can it overcome its Wall Street heritage to appeal to independent advisors?
Last May, Goldman Sachs announced its acquisition of Folio Financial’s clearing and custody technology, and since then the Wall Street firm has been quietly building out a custody offering for registered investment advisors, poaching top executives from some of the largest RIA custodians in the country.
And while Goldman has made no formal announcement around its RIA custodial service, industry observers say it s a smart strategy; there’s room for Goldman and other smaller custodians to pick up market share from some of the larger, rapidly consolidating players; for instance, some advisors have complained of subpar service levels at Schwab in the midst of its integration with TD
Joe Duran’s plan for Goldman Sachs advisers: Q&A
After its acquisition in July 2019, United Capital became Goldman Sachs Personal Financial Management division, combining the then-RIA’s emphasis on getting personal with the Wall Street bank s 150-year legacy. The Personal Financial Management unit is growing via acquisitions and Joe Duran outlines how advisers can benefit.
May 5, 2021 7 MINS
Goldman Sachs & Co. has plans to grow its Personal Financial Management unit via acquisitions and the division’s CEO Joe Duran outlines how acquired firms can benefit from the referrals his firm provides, as well as its infrastructure and systems.
In January, Goldman Sachs brought together the Personal Financial Management unit and Ayco, the Goldman Sachs-owned corporate financial counseling division. Under one umbrella, the unit’s co-heads are Larry Restieri, who has led Ayco since 2018, and Duran, who built registered investment adviser United Capital before
5 Ways To Get Honest About Your Finances
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