Why Goldman Sachs Is Running Downmarket To Embrace RIAs With Recent Acquisitions
May 29, 2020
Mindy Diamond Quoted
By Jason Bisnoff
Goldman Sachs, once iconic among Wall Street firms, renowned for its C-suite relationships and institutional business, is forging headlong down market with recent acquisitions designed to bolster its capabilities among registered investment advisors and the mass affluent.
The United Capital acquisition is apparently getting a mixed reception with concerns that the Goldman Private Wealth division is going downstream and becoming more retail-oriented, according to Diamond Consultants president and CEO, Mindy Diamond.
“You have an elite ultra-high-net-worth advisor force that views the industry as Goldman, and everyone else,” Diamond said. “United Capital is the embodiment of retail, and while Goldman advisors will not mention United by name there are a number of things going on at Goldman that make them feel like it’s going more retail.”