Industry Update on Goldman Sachs: What could a new RIA custodian mean for advisors and the industry?
A conversation with Louis Diamond
Many financial advisors who manage money for ultra-high net worth clients inquire about Goldman Sachs—and whether they are in the game of competitive recruiting.
That answer has long been a hard “no.”
But there have been reports of some significant changes brewing at the firm—changes that seem to indicate that Goldman is going all-in on the RIA custody business.
And that could be a good sign for those looking to leverage a vaunted brand such as Goldman Sachs.
While details are still unfolding, Louis Diamond joins the show to weigh in on what this could mean for advisors and the industry at-large, including:
- Why would Goldman be heading in this direction now?
- What might the upsides – and downsides – be for advisors considering this model?
- Would we expect current Goldman Private Wealth Advisors to be able to make the shift?
- Would a model like this be directed towards advisors serving ultra-affluent clients, or would it be for advisors and clients of all sizes?
- And is there any indication that firms like Morgan Stanley, UBS and Merrill will follow Goldman’s lead?
While there is still information to come and a hard launch yet to be announced, it’s an exciting development poised to rock the landscape—further validating the RIA space and creating competition, which is good for advisors, clients and the industry as a whole.
Listen in to learn more about what could be one of the most significant evolutions of the landscape in the coming months.
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