The Diamond Podcast for Financial Advisors Goldman Custody Platform Trailblazers: $1B Merrill Breakaway Team One Year Later
Oct 12, 2023
Scott Chagrin, co-founder of Beverly Hills Private Wealth, shares insights from his journey of transitioning from Merrill to independence. Ira Ravitz discusses the meticulous due diligence process that led to choosing Goldman Sachs as their custodian, highlighting operational impacts. Lisa Westermark emphasizes the importance of client communications and team culture. Together, they reveal how their decision has enhanced fiduciary freedom, improved client services, and solidified their multi-partner approach, all while reflecting on the enthusiastic client support during the transition.
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Breaking Away To Build Their Own RIA
- Scott, Ira, and Lisa left Merrill to form Beverly Hills Private Wealth and chose Goldman as their custodian.
- They launched in Q4 2022 as early adopters of Goldman's nascent Advisor Solutions custody platform.
Institutional Resources Drove Custody Choice
- Goldman offered institutional resources like alternatives, structured products, and research that appealed to ultra-high-net-worth clients.
- That access and brand strength were decisive in choosing Goldman over other custodial options.
Do Deep, Confidential Due Diligence
- Do exhaustive, confidential due diligence and keep broker protocol in mind when planning a breakaway.
- Use conversations with peers and custodians to build confidence and minimize surprises during transition.