When it comes to competitive recruiting, Goldman Sachs has long stood steadfastly outside of the playing field. Loathe to pay aggressive transition deals, the firm focused instead on recruiting second-career advisor talent who grew into experienced Goldman Private Wealth Advisors. And it’s a formula that worked.
Yet speculation circled when the firm acquired Folio Financial, a relatively small custodian with approximately $11 billion in assets under advisory for about 450 RIAs.
Then they hired two superstar recruiters from Schwab and Pershing (Richard Lofgren and Bill Dalton, respectively)—sending a shot across the bow indicating that they were lining up their forces to make their own leap into the independent landscape.
That is, to become the custodian of choice for advisors looking to build their own RIA firms—and capitalize on the elite status of the Goldman name, platform and solutions in the process.
And while it took some time to get off the ground, Goldman Sachs Advisor Solutions is demonstrating that advisors are seeking a new option in the custody space that will resonate with their vision.
In this episode, we welcome one of the two superstars mentioned earlier, Richard Lofgren, to get the inside baseball from the managing director who’s had his boots on the ground with Goldman since 2020. In a conversation with Louis Diamond, Richard shares:
- The Goldman Advisor Solutions value proposition—and what differentiates it from established custodians like Schwab, Fidelity, and Pershing.
- The value to advisors—and how that translates into a strategic win for Goldman.
- The innovative services and support advisors can expect—and why “growth-focused modern advisors” are the right fit for the platform.
- Plus, Richard shares some early success stories and Goldman’s goals for the future.
This episode exemplifies how even the most prestigious firms on the Street are looking to make the leap to independence—with valuable insight for any advisor looking to better understand how this new option fits into an evolving landscape.
Download a transcript of this episode…
