Articles tagged "Goldman Sachs"
After their wild United Capital deal, Peter Mallouk and Goldman Sachs kept $7-billion-plus of AUM on board with a sweetheart deal for advisors, but the bloom is off their budding custody romance
Advisors got a rock-bottom price on Goldman's top-notch fixed asset management that was too good to consider leaving behind.
February 16, 2024 at 2:40 AM
Goldman Sachs salvages $349-million 'gain' from its United Capital misadventure that may also be a $400-million haircut
The New York City investment bank managed a sale and jailbreak of its in-house mass-affluent RIA but was able to get enough assets transitioned to Peter Mallouk's Creative Planning for the accounting win
January 19, 2024 at 1:45 AM
Goldman Sachs CEO calls United Capital debacle 'lesson learned,' amid RIA exodus, and operating losses
David Solomon pushed a big reset button as Goldman Sachs shares reset to 2021 level; pieces were sold in a flurry, and he renounced his disc jockey side-gig.
October 21, 2023 at 1:56 AM
Goldman Sachs' sweeping legal effort to crush 'United Capital' advisor exodus may prove largely meaningless -- with little chilling effect on flood of defections
The New York City investment bank is filing FINRA arbitrations with abandon as RIA departures pile up, but the squid may not get much sympathy -- in court or the court of public opinion.
October 10, 2023 at 3:32 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
Peter Mallouk told heads at Goldman Sachs' 'United Capital' today on group Zoom that he'll name new president within 14 days -- and whether 'United Capital' brand survives within 20 days
The Creative Planning CEO talked 'next steps' after vast majority of teams sign on that include a companywide summit within 30 days
September 22, 2023 at 2:59 AM
Peter Mallouk has now signed on 30 Goldman Sachs advisory offices, he says, by improvising a fourth option after advisers gave the side-eye to three others
The Creative Planning CEO says he is developing 'United Capital 2.0' on the fly to combat distrust and his Zoom ofensive is netting results
September 12, 2023 at 9:27 PM
Modern Wealth Management hires a Goldman Sachs RIA integration whisperer and is emerging as dark horse to reap 'United Capital' baubles as bidding war for the Goldman Sachs RIA unit takes another lap
The Monterey, Calif., rollup nabbed Goldman's Casey Harrison, veteran of 50 transitions, and has been fashioning a landing pad for nine months for three impressive hires today.
August 24, 2023 at 4:33 AM
Source: Goldman Sachs expected to announce sale of 'United Capital' on Monday or Tuesday, which tells more about the Wall Street bank's dysfunction than Joe Duran's old rollup
The New York City investment bank is 'at war with itself,' the Wall Street Journal says, in part, because ex-CEO Lloyd Blankfein's hare-brained ideas about extending its B2B brand were made worse by current CEO David Salomon..
August 19, 2023 at 2:47 AM
Peter Mallouk grants Goldman Sachs a 'multi-billion dollar' RIA custody opportunity but only after meeting his co-equal president in the Goldman c-suite
The Creative Planning founder, president and CEO spent time with John Waldron, president and chief operating officer of the Goldman Sachs mothership, before putting its custody service on the menu for his advisors and clients
July 25, 2023 at 3:25 AM
An RIA 'gambled' on Goldman Sachs to custody client assets because he saw folksy TD Ameritrade-like service wrapped inside a gold standard brand -- with no lane swerves
Ashton Thomas, which manages $2 billion, has tried every custodian, and finds Goldman, ironically, may have the least channel conflict for RIAs because they 'know their lane'
July 15, 2023 at 1:40 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
Goldman Sachs both clarifies and adds complexity to its RIA custody launch with press release reporting its' best-of-both-worlds' platform onboarded a '$1-billion' Merrill Lynch team
The New York City investment bank signed Beverly Hills Private Wealth, and it 'never really' had any timeline to meet, it tells an industry publication.
October 8, 2022 at 2:50 AM
Pershing wins $27-billion Steward Partners RIA custody account after Goldman Sachs boots launch and pressure built for an alternative to 'jilted' Raymond James
Goldman's effort to capitalize on No. 3 TD Ameritrade's absence, starting with (among others) Steward, is for now going to the actual new No. 3, BNY Mellon's Pershing