A Morristown, N.J.-based advisor team has left Goldman Sachs Personal Financial Management to join Quotient Wealth Partners, a Dallas-headquartered registered investment advisory firm, in the wake of the sale of the $29 billion AUM Goldman unit to Creative Planning. That deal is expected to close in the fourth quarter.
Bruce F. Fitzsimmons and Jamie Rich, former vice presidents at Goldman PFM, have joined Quotient as partner and senior wealth advisor and vice president and senior wealth advisor, respectively, according to Quotient’s website. They are joined in Quotient’s Morristown office by Jennifer Derin, a senior associate and client service specialist. One source, who declined to be named, said the team managed between $500 million to $1 billion in client assets at Goldman.
Quotient itself was launched in September by other Goldman PFM defectors, including Jonathan Blumenthal, Tim Harder and Brandon Ross, based in Dallas, according to published reports and Securities and Exchange Commission filings. The firm is contracted with Dynasty Financial Partners to provide operational and back-office support, as well as investment management. The RIA also received financing through Dynasty, and agreed to sell a percentage of its revenue in exchange for a fixed amount of funds payable over an agreed time period, an ADV filing said.
Fitzsimmons and Rich did not return requests for comment prior to publication, and Dynasty spokeswoman Sally Cates declined to comment.
Several large advisor teams have defected from Goldman’s PFM unit since the firm announced the sale to Peter Mallouk’s RIA Creative Planning, joining firms like Farther, Apollon Wealth, and Prime Capital Investment Advisors, according to published reports.
Goldman Sachs PFM managed a little more than $29 billion across 781 advisors at the end of last year, according to federal filings.
