RIABiz

News, Vision & Voice for the Advisory Community

RIABiz

Goldman Sachs' wealth managers are taking recruiters' phone calls amid concerns over scandal fallout

The 'betting-against' allegations have some brokers fearful about their ability to attract new prospects

Author Brooke Southall May 3, 2010 at 6:13 AM
Admin:
no description available
Mindy Diamond: The biggest concern seems to be that Goldman has been described as 'betting against ... (clients).' Those words are not what a client wants to associate with the firm that manages their investments.

Stephen Winks

Stephen Winks

May 3, 2010 — 2:46 PM

Goldman Sachs’ advisory business has changed a bit since it went public. Old hands were focused on building important relationships, now it is more focused on advisor productivity, a turn off and less collegial to more established advisors who feel it is no longer all about the client—but this is the new order of things industry wide and why the RIA route is viewed so attractively.

Yet Goldman is still the best firm on the street. The symbiotic relationship with investment banking, the small number of advisors (350), the unparralleled access to highly sophisticated intellectual capital, a global client base of individuals, industry, governments and sovereign funds that is the envy of the world, prestige even considering the present SEC accusation, all make it difficult for Goldman advisors to find a better place to go. Credit Suisse and Barclays Capital are both engaged in the same practices as Goldman which are legal and common through out the world of finance.

There may be a very small opening for a very few to leave, but there are no serious challenges to Goldman.

SCW


Related Moves

Breen Blitz: Mercer seals Vanguard OCIO buy • Goldman[Sachs] & Cohen split • PIMCO joins ETF shift • AdvisorEngine-Schwab bond grows • Ellevest milestone • Lonsdale nets new chief • Fidelity leaks data & staff move • Coalition wins RIAs • Justin Wisz returns as investor • LPL nets CMO & Tifin a CEO

OCIO sale to Mercer may be Buckley's last act • Goldman's retail lead departs • PIMCO latest to convert mutual funds • Software firm upgrades Schwab data • Krawcheck preaches wisdom of naps • Fidelity hit by data snafu, but D&I on track • New Lonsdale tech shop imminent • Vestorly founder now funding start-ups • Eight month wait for CMO ends at LPL.

March 21, 2024 at 4:41 AM

Goldman Sachs-Creative Planning deal is bleeding defectors -- 16 more last week, report says -- auguring a 'potential disaster,' analysts warn

Dozens of former 'United Capital' advisors are fleeing at once, but Peter Mallouk is still battling to keep them, and Goldman Sachs may play legal hardball, sources say.

October 4, 2023 at 2:16 AM

Farther struts its startup magic and shows why a $375-million RIA can be worth $50 million -- by getting four advisors to bring books of business just to be part of the enterprise

The San Francisco firm claimed its software was at another level and now advisors are betting careers on it, though not of the UHNW variety imagined

November 2, 2022 at 3:27 AM

Goldman Sachs fought the squid, but the squid won as CEO David Solomon puts the United Capital-Ayco RIA back under the control of house asset managers

Solomon acknowledges he's largely reunifying wealth management and asset management to regain synergies after trying to give the in-house RIA agency.

November 1, 2022 at 4:03 AM

See more related moves

Mentioned in this article:

Diamond Consultants
Recruiter
Top Executive: Mindy Diamond



RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING


RIABiz Directory sponsored by:

Directory Sponsor Logo