Louis Diamond Quoted
By Ian Wenik
For Goldman Sachs, less may be more once it finalizes its $750 million purchase of United Capital Financial Advisers.
Citywire reported Friday that the multinational bank is nearing a deal to buy up 100% of the $23.4 billion RIA. The acquisition will make Goldman Sachs an instant power player in the RIA industry, giving it access to a wide net of mass affluent customers through the traditional advisory business and a healthy business-to-business pipeline through FinLife Partners, United Capital’s tech stack licensing service. Advisors managing around $25 billion are using FinLife Partners.
‘Being owned by a bank is obviously different than being owned by a private company… I kind of doubt they’ll push product,’ said Louis Diamond, an executive vice president at advisor recruiting firm Diamond Consultants. ‘I think it’s kind of antiquated and I don’t think that really would make sense.’