RIABiz

News, Vision & Voice for the Advisory Community

RIABiz

Inside Goldman Sachs' on-again, off-again custody play; a cacophony of false starts, pauses, delays, staff departures, technology glitches and morale issues bedevil RIA custody unit, RIABiz learns

Four years after buying Folio Financial, Goldman Sachs is testing the patience of RIAs, and maybe its own partners according to analysts and sources inside and outside the firm; but Goldman is preaching a new "optimism" and pledging lessons learned.

Author Oisin Breen March 5, 2024 at 4:52 AM
4 Comments
no description available
Richard Lofgren: 'I see enthusiasm and optimism every day.'
Brooke Southall and Keith Girard contributed to the editing of this article.

RIA Custodians


Brenda

Brenda

March 5, 2024 — 2:49 PM
I truly hope Goldman can make this work as their platform with Folio has so much potential. Thank you for letting us know what is going on behind the scenes as I have been curious.
Ron

Ron

March 7, 2024 — 1:48 PM
So much turnover and so many employees & advisors hurt along the way, I dont see how anyone can trust GS after how quickly they threw out the United Capital experiment. Who is to say this wont happen here too.
Hank

Hank

March 22, 2024 — 6:58 PM
The GS business will certainly fold, all thanks to the terrible management. Adam Siegler is a toxic oaf and Yun couldn't manager her way out of a paper bag. Anyone with another option has jumped ship and the group is a dead man walking.
Chris

Chris

April 24, 2024 — 5:05 PM
I would give them until end of 24’ maybe early 25’ until the GS business folds based on what I’ve heard from new advisors. Unfortunately it was a failed effort, but as long as Schwab and Fidelity can continue to invest in their businesses respectively it doesn’t make sense to custody at another firm, especially a new entrant like GS.

Related Moves

September 7, 2023 at 9:46 PM

RIAs keep Goldman Sachs' hopes alive its RIA custody unit will find legs as $55-billion New Edge signs on and Goldman fills vacated No. 2 custody spot

Predictions are aging badly that Goldman Sachs Advisor Solutions might get nixed as big-pipeline RIAs dial it in, and Jeremy Eisenstein comes off the executive bench to be Adam Siegler's right hand.

October 11, 2024 at 1:17 AM

Goldman Sachs RIA custody No.2 resigns, adding to an exodus at the unit, but insiders say this time the ship is showing signs of righting itself

Cooper Rey is the biggest loss to date, after handing in his notice Thursday morning, but Goldman also has good news after five recent custody wins.

July 23, 2024 at 1:40 PM

Carson Group legal drama discovered by Omaha media with settlement still on table • DPL annuity sales top $3 billion milestone, two months ahead of schedule • Potomac gets serious about Seinfeld • SSGA raids Schwab for technology executive

Carson case develops • After taking 58 months to sell its first $1 billion of annuities, DPL did its third billion in six months • Potomac's Christopher Norton promises to show fun side of RIAs and thanks F-word (fiduciary) video ban • SSGA has a new COO.

July 19, 2024 at 4:34 AM

See more related moves

RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING


RIABiz Directory sponsored by:

Directory Sponsor Logo

White Paper Postings


Common Tags


Recent Articles


Popular Writers


RIABiz logo

RIABiz

About Us

Directory

Archives

Connect

RIABiz, Mill Valley, California
Copyright © 2009-2024 RIABiz Inc. All rights reserved.