Reporting its second quarter earnings last week, the Wall Street giant listed $2.71 trillion in assets under management, setting a record in an otherwise difficult quarter. "For us coming into this space as a custodian, we're the ones offering the choices, and RIAs are the ones who determine what's most suitable." Goldman is in the midst of a transition meant to make it less reliant on standard investment banking business like mergers and acquisitions and more tied to the wealth management industry. "And RIAs are the ones determining which solutions and technologies are best suited to those clients," Lofgren said. He said Goldman's role as a custodian is to add to the list of services advisors can offer. Richard Lofgren, managing director at Goldman Sachs, said clients who are growing wealthier often find they have new financial needs. "I think the fact that Goldman can offer standard banking products - loans, lines of credit, mortgages - that are not available from other custodians should be far more attractive to the breakaway bank advisor," he said. Doug Fritz, the founder and CEO of the wealth tech consultant F2 Strategy, said the Goldman custody option will probably appeal most to advisors and advisory teams who come to Creative Planning after leaving a wirehouse. Among other large RIAs that have chosen Goldman Sachs Advisory Solutions as a custodian is Prime Capital Investment Advisors, also based in Overland Park. Goldman quickly touted its custodian offering as a way to give advisory clients access to its extensive "One Goldman" menu of banking and financial services. Goldman Sachs is still a newcomer to the custody business, having entered it in May 2020 with the purchase of Folio Financial, a self-clearing custodian with $11 billion in assets. Creative Planning picks Goldman to offer special custodian services
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