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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

Monday, May 3, 2010 – 6:13 AM by Brooke Southall
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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.

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Mentioned in this article:

Diamond Consultants
Top Executive: Mindy Diamond

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.


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