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Goldman Sachs buys Folio to gain an RIA-custody toehold, and gets robo-advisors in the bargain, days after Schwab buys Motif

The New York powerhouse is uncertain about taking on Schwab and Fidelity in RIA custody, but it keeps making inroads where it can in retail wealth

Author Oisin Breen May 15, 2020 at 2:59 AM
no description available
David Solomon wants a digital age RIA play at the mass, high-net-worth advice business.

Goldman Sachs


Folio Institutional



Former employee

Former employee

May 15, 2020 — 3:44 PM
This is a platform of last resort for many of the RIA's on it - cannot see them passing the credit committee at Goldman....Goldman overpaid by $200MM
Jeff Spears

Jeff Spears

May 15, 2020 — 8:27 PM
Goldman is playing a new game that I need to understand. Hope it is greater than custody as IP and the Goldman brand should Trump the price sensitive crowded custody field.
Brian Murphy

Brian Murphy

May 18, 2020 — 5:23 AM
To me this is evidence that the value of the rails on which investment advice is rendered, are collapsing. If one is an entrepreneur providing services that include custodial, or even services to advisors, the writing is on the wall. The value of what you have been creating is declining. The key going forward is to create new, more compelling offerings to the end user...not intermediaries.

Related Moves

March 16, 2022 at 2:47 AM

Goldman Sachs lifts two superstar RIA recruiters from Schwab and Pershing, tipping hand on a big push into the RIA space, targeting early 2021 custody launch

The Wall Street B2B superbrand prepares RIA distribution and poaches Richard Lofgren and Bill Dalton -- with a TD Ameritrade hire potentially in the works -- months ahead of a harder launch.

October 6, 2020 at 11:25 PM

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 • Collation 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

See more related moves

Mentioned in this article:

Folio Institutional
Asset Custodian
Top Executive: Greg Vigrass

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