The Diamond Podcast for Financial Advisors Embracing the Modern Advisor: An Inside Look at Goldman Sachs Advisor Solutions
Nov 2, 2023
Richard Lofgren, Managing Director at Goldman Sachs Advisor Solutions, shares insights on building their custody offering. He discusses his journey from the Navy to finance, highlighting his experiences at Schwab and Goldman. Lofgren elaborates on Goldman's unique approach, emphasizing digital efficiency and support for growth-focused financial advisors. He addresses why Goldman entered the RIA custody market, contrasting it with traditional providers, while also touching on technology adoption challenges and the future for independent advisors in a consolidating industry.
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Institutional Tools Packed Into Custody
- Goldman bundles institutional-grade solutions, technology, and advisor support into custody for growth-focused RIAs.
- This creates leverage so advisors spend less time on operations and more with clients.
Folio Acquisition Jump-Started Custody
- Goldman acquired Folio to accelerate building a modern custody platform with faster account opening and servicing.
- That head start lets Goldman focus on digital workflows and advisor choice instead of legacy constraints.
Choose Custodians For Client Complexity
- Evaluate custodians based on fit for complex client needs, not just price or market share.
- Choose a custodian that supports alternatives, structured products, lending, and evolving client wealth.