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.
日本 最新ニュース, 日本 見出し
Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。
Mckayla Wilkes Isn’t Afraid of Her Past. Now She’s Looking to Congress for Her Future.The congressional candidate from Maryland’s 5th district on why she decided to run.
続きを読む »
Mckayla Wilkes Isn’t Afraid of Her Past. Now She’s Looking to Congress for Her Future.The congressional candidate from Maryland’s 5th district on why she decided to run.
続きを読む »
'My Brother Told Me To Live': A Story Of Loss, Discovery And UltramarathoningMichael Ortiz had already spent a year and a half working toward his goal of 100 100-mile races in 100 weeks. He’d be sad to see it end because he was supposed to stay inside. 'But there is a solution. ... Running 13,200 loops of your living room.'
続きを読む »
Killer Mike Delivers Emotional Speech to Atlanta Protestors at Mayor's Press Conference“I am duty-bound to be here to simply say: That it is your duty not to burn your own house down for anger with an enemy,” Run the Jewels rapper says
続きを読む »
Antonio Bolívar died on April 30thAntonio Bolívar's blue eyes smiled with a wisdom barely known in the wider world, and fast vanishing
続きを読む »
Why Val Demings May Be the Best Running Mate for Joe Biden Right NowPicking an African-America woman to be his running mate may not just be a politically expedient move by Joe Biden. After the events of the past week, it may just be the right thing to do.
続きを読む »