Joe Duran, the founder/CEO of United Capital, now a Goldman Sachs company, gets candid about the firm’s sale, his perspective on independence, clients, technology and M&A, plus the “logical evolution” for advisors and their businesses, and much more.
Mindy Diamond Quoted – by Mason Braswell, AdvisorHub – A team of Goldman Sachs brokers in Seattle with $10 million in production have joined Morgan Stanley’s private wealth group, a sign of wirehouses’ willingness to selectively hire mega-producers even as they tighten their operational belts. David Midgley, who was responsible for about 90% of his three-advisor team’s revenue in the past 12 months, arrived at the wirehouse two weeks ago. He had been with Goldman since 2005, according to his BrokerCheck history.
Mindy Diamond Quoted – By Jason Bisnoff, Fund Intelligence – Senior exec Matthew Brinker announced his departure from United Capital after more than 13 years on the same day Goldman Sachs finalized a deal to buy the firm for $750m, a possible harbinger of more departures in the offing. Diamond Consultants President and CEO Mindy Diamond said that between Brinker’s departure and conversations she has had with United Capital advisers, there is likely more personnel shuffling to ensue, with some disgruntled advisers saying they feel “sold out.”
Louis Diamond Quoted – By Ian Wenik, Citywire – The RIA community has a new kid on the block. You may be familiar with it. It goes by the name of Goldman Sachs. Will the multinational investment bank be a friendly neighbor or a bully after its $750 million deal to purchase Joe Duran’s United Capital Financial Advisers?
Louis Diamond Quoted – By Ian Wenik, Citywire – 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.
Mindy Diamond Mentioned – By Rita Raagas De Ramos, Financial Advisor IQ – Financial advisor Gary Hirschberg has left Goldman Sachs – where he was responsible for $1.4 billion in client assets – to launch his own independent practice, Aaron Wealth Advisors. Chicago-based Aaron Wealth Advisors, which will target high net worth investors and their families, is the 47th firm to join the RIA network of Dynasty Financial Partners.
Goldman Sachs wall shows cracks as advisor departures accelerate; Why Gary Hirschberg, the latest breakaway, risked legal ire, 90-day sideline to go solo as RIA
Mindy Diamond Quoted – By Brooke Southall, RIABiz – Goldman Sachs & Co. is losing wealth managers at an accelerating rate, with seven departures in the past 12 months; another is crouched for the leap and several more are out shopping, according to recruiters and industry observers.
Howard Diamond Quoted – By Thomas Coyle, AdvisorHub – A career Goldman Sachs broker and a former Morgan Stanley duo who left earlier this summer after allegations they ran afoul of compliance rules are re-emerging as independent investment advisers.
Goldman Sachs banking on David Solomon to be a catalyst for more RIA-ifcation, getting hip with millennials, diversifying firm… and keeping bankers happy
Louis Diamond Quoted – By Oisin Breen, RIABiz – After a number of years damning wealth management with faint praise and token efforts toward more “digital” and more millennial-friendly forms of asset and wealth management, Goldman Sachs & Co. may have just made its biggest move yet toward RIA-ification.
No doubt that the breakaway movement shows no sign of abatement and, in fact, almost every day we learn of yet another advisor who has chosen to leave their traditional brokerage firm for the greater freedom and flexibility of independence. And while any advisor who chooses to leave the mother ship is courageous in giving up the comfort and turnkey support of a major firm, it is especially brave when an advisor from a non-Protocol firm chooses to make the leap.
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