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Goldman Sachs closes United Capital deal and Matt Brinker, Joe Duran's wingman, exits with social media swan song on same day

The M&A chief's departure from the Newport Beach, Calif. roll-up may signal that its rolling-up days are over

Author Brooke Southall
July 18, 2019 at 6:13 PM
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Matt Brinker: It is time to look forward so, with a bit of a heavy heart and a flood of sentimentality, I am sharing that yesterday was my last day at United Capital.

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Goldman Sachs & Co. appoints Rachel Schnoll to yank off United Capital band-aid that Joe Duran didn't -- making FinLife work with non-UC applications

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Mentioned in this article:

United Capital Financial Advisers
RIA Welcoming Breakaways
Top Executive: Joe Duran

Jeff Spears

Jeff Spears

July 18, 2019 — 8:40 PM
Hope Goldman does a better job integrating UC than they did with Ayco. Looking at the driver of the other bank’s EPS I think they will. Also UC doesn’t compete with the investment bank. It should be a complement. Worth watching
Brian Murphy

Brian Murphy

July 18, 2019 — 9:47 PM
There are two types of acquisitions a firm can undertake - transformative and tuck-in. Goldman has all but told you this was a tuck-in deal that was shopped to them. It doesn't take a genius to figure out a couple of things - a) the UC vision didn't work out in an independent setting, b) it's dead under Goldman. If you look at the economic model they were following for the outsourced business offering they provided through 3rd parties it never made economic sense. I wish the team well in their new home, but don't expect to hear anything from them going forward.
brooke southall

brooke southall

July 18, 2019 — 10:00 PM
I hear you, Brian, but we still have less than perfect visibility of this deal. GS seems to be discussing it as a chunk of $25 billion of assets and a place for pesky mass affluent clientele to be served under the same brand as their Ayco-served employers who write bigger checks and may refer Fortune 500 investment banking business. The X factor is Joe Duran. David Solomon may have zero plans to be charmed by him or seduced his idealistic vision. But Joe is charming, persuasive and persevering. He is also a thinker and Goldman Sachs may have a vacuum in that thought area that it has yet to grasp the extent of. Something tells me that we'll know sooner than later which way the wind will blow. I'd probably bet on your no-nonsense auguring but I'm open to a Duran angle.
Brian Murphy

Brian Murphy

July 18, 2019 — 10:22 PM
I do hope you're right, Brooke! And I think you're right - we'll know sooner rather than later how this is likely to go
Gail Graham

Gail Graham

July 18, 2019 — 10:27 PM
As always, the peanut gallery likes to pinch and push and look, cast doubt. I see green envy, and pissing on trees to mark territory. Regarding Matt, try this on for size. He is a true believer in living richly - knowing your values and priorities and melding them with your family for a cohesive life plan. He has so much to offer the world and has already been there and done that - this is his chance to breathe, unpack his travel bag and design his life. That has always been the point of the spirit underlying financial life management. Matt has scored and scored big - his next chapter is entirely up to him.
Brooke Southall

Brooke Southall

July 18, 2019 — 11:30 PM
I hear you, Gail. No doubt Matt made a life-mindful decision from a position of strength. We don't know what Goldman Sachs offered him that made him say: Hell no. The offer may have been insulting or simply unappealing after 12 years of M&A sprinting. Or maybe a better opportunity is taking shape.

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