Goldman Sachs Adds Its First Breakaway RIA, Picking Up $1B Merrill Team
What You Need to Know
Beverly Hills Private Wealth is the first breakaway RIA to select Goldman Sachs for its custodial services.
Goldman Sachs was expected to enter the RIA custody business since acquiring Folio Financial in May 2020.
Steward Partners Global Advisory became the first RIA clearing and custody client for Goldman Sachs, in June 2021.
Goldman Sachs has thrown its hat into the breakaway RIA custodial business, picking up a $1 billion team that left Merrill Lynch and selected Goldman Sachs Advisor Solutions to provide custodial services.
Merrill Lynch didn’t immediately respond to a request for comment on Tuesday.
Goldman Sachs was expected to enter the RIA custody business since acquiring Folio Financial, a brokerage, custodian and fintech firm, in May 2020.
Steward Partners Global Advisory became the first RIA clearing and custody client for Goldman Sachs in June 2021.
“Goldman Sachs has agreed to reimburse our firm up to $400,000 for transition-related expenses that our firm may incur,” RIA Beverly Hills Private Wealth said in a Form ADV filing with the Securities and Exchange Commission.
BHPW is led by Scott Shagrin, Ira Ravitz, and Lisa Weiner, who collectively managed $1 billion in client assets at Merrill Lynch.
Based in Beverly Hills, California, the new RIA firm said Friday it caters to “successful individuals and multi-generational families” and specializes in investment management, risk management tailored planning and tax planning,
Through BHPW’s relationship with Goldman Sachs, the RIA said, it “will be able to provide their clients with sophisticated wealth management solutions backed by a highly respected brand in the marketplace.”
BHPW will be able to offer Goldman Sachs’ investment solutions, including “alternative investments, lending, capital markets, intellectual capital, as well as investment research and insights,” the RIA said. Those offerings were “previously reserved for institutional clients” and are now “available to the RIA community and the investors they serve,” BHPW added.
