Here's why Goldman Sachs is running downmarket to embrace RIAs with recent acquisitions:
McLean, Virginia-based Folio adds 160 employees, a custody business serving small RIAs, as well as novel technology, which includes robo-advisor capabilities, to Goldman and will be positioned in its global markets division.
“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.
Morgan Stanley has doubled down on its wealth management bet with its recent agreement to purchase online brokerage firm E*Trade in a $13 billion deal. “Morgan Stanley transformed its business after the financial crisis and was ahead of the curve in realizing what the market will reward. Goldman is a few years behind in realizing this and satisfying investor market demands,” Wong said.
“The United advisors had total control and autonomy of their business, and are going to be employees of the biggest and most bureaucratic business on the street. It’s got to be a concern,” she added. Duran says advisors were presented with two possible deals and indicated a preference towards the one that was agreed upon. Duran says the deal to sell to Goldman originally took shape in late 2018. Leadership was aware it had to recapitalize their private equity investors in 2020 by either finding new investors, or a strategic buyer.
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