What Advisors Can Learn from the Goldman Departures
March 22, 2018
By Mindy Diamond
With an increasing number of advisors leaving Goldman Sachs, it’s time to take notice and understand why.
I write a lot about changes in the industry landscape—whether it’s a new business model, relevant trends that we’re seeing, or the headline-gripping announcements from firms. What strikes me about the past 12 months is the frequency and speed of transformation that we’re seeing. Even more striking are the courage and determination of advisors to find the best firm or model to suit their business needs, regardless of the obstacles they may encounter.
For example, over the past two decades, it was rare for advisors to leave Goldman Sachs Private Wealth Management. Of course, the cache of the name alone and a belief that there was no better option kept many of the industry’s finest in their seats. Yet for many others, concern over garden leave policies, as well as the potential legal battle that might ensue, served as extremely powerful deterrents.
The fact remains that it was always considered a rare exception when a Goldman advisor changed jerseys. Yet, in the last 12 months or so, five high-quality, mega teams have jumped ship.