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In the News

Goldman CEO David Solomon is ready to make a push into RIA custody. Goldman Sachs lifts two superstar RIA recruiters from Schwab and Pershing, tipping its hand on a big push into the RIA space, targeting early 2021 custody launch

Posted by Louis Diamond

October 6, 2020
Louis Diamond Quoted
By Oisin Breen

Goldman Sachs made its first major hires — and poaches from Schwab and Pershing RIA custody units — as it prepares to leverage its Folio Financial acquisition for an invasion of their turf.

Expect a hard launch early next year.

“[These hires] represent a major coup for Goldman and give them a rock solid foundation for the launch of … [an] RIA custody business,” says Louis Diamond, principal of New York consultancy, Diamond Consulting, via email.

“Neither of these gentlemen would take a job in which they would be stuck on the bench for too long,” he explains. “Both were instrumental in landing larger scale teams from the major wirehouses and independent broker-dealers onto their respective custody platforms.”

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President – Someone who “looks at every angle from a strategic perspective.” Sophisticated advisors and business owners alike learn quickly that they’ve found the right person in Louis when seeking counsel and clarity on growth, career management and the ever-changing industry landscape. Learn more...

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