News, Vision & Voice for the Advisory Community


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

Goldman Sachs RIA custody No.2 resigns, adding to an exodus at the unit, but insiders say this time the ship is showing signs of righting itself

Cooper Rey is the biggest loss to date, after handing in his notice Thursday morning, but Goldman also has good news after five recent custody wins.

July 23, 2024 at 1:40 PM

Carson Group legal drama discovered by Omaha media with settlement still on table • DPL annuity sales top $3 billion milestone, two months ahead of schedule • Potomac gets serious about Seinfeld • SSGA raids Schwab for technology executive

Carson case develops • After taking 58 months to sell its first $1 billion of annuities, DPL did its third billion in six months • Potomac's Christopher Norton promises to show fun side of RIAs and thanks F-word (fiduciary) video ban • SSGA has a new COO.

July 19, 2024 at 4:34 AM

See more related moves

Mentioned in this article:

Folio Institutional
Asset Custodian
Top Executive: Greg Vigrass

RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING

RIABiz Directory sponsored by:

Directory Sponsor Logo

White Paper Postings

Common Tags

Recent Articles

Popular Writers

RIABiz logo


About Us




RIABiz, Mill Valley, California
Copyright © 2009-2024 RIABiz Inc. All rights reserved.