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Articles tagged "Goldman Sachs"


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Peter Mallouk: Advisors can use GSAM like they work there -- at a very in-house price.
February 16, 2024 at 2:40 AM

David Solomon: With our clear and simplified strategy, we have a much stronger platform for 2024.

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

David Solomon: 'A lesson learned is by selling United Capital it allows us to take resources and add it to our investment in ultra-high net worth growth.

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

Ari Sonneberg: It would not be a good look for Goldman Sachs to be bullying small RIAs.

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

Jim Rivers has his work cut out for him at Goldman Sachs' 'United Capital 2.0.'

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

Goldman Sachs Headquarters: GS is helping Peter Mallouk to rapidly wire the 'United Capital' deal. [Photo from Google Commons.]

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: 'I think, historically, this is a group that has been burned a bit.'

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

Casey Harrison has a reputation for 'seamlessly' integrating advisors in an RIA.

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

David Solomon is extracting Goldman Sachs from middle-brow asset management.

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: Our potential to move the [Goldman Sachs] needle is real.

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

William Cerynik: We took a gamble ... [but Goldman is doing] what TD Ameritrade did, but for a different segment.

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

Brad Genser: 'Advisors are also able to build a three times bigger book.'

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

David Solomon: 'It's not that by doing this that we're doing something dramatically different.'

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

Bill Dalton: Our goal is to offer advisors the best of both worlds.

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

Gregory Banasz: Goldman's RIA custodian will officially launch in 2023.

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

October 4, 2022 at 10:35 PM

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