Joe Duran, who offered his firm, United Capital, to Goldman Sachs in 2019, is leaving the Wall Road agency after 3 1/2 years of integrating his advisory enterprise into the group.
“I’ve had a good time integrating the enterprise into wealth, and it was simply time for me to do one thing new,” Duran stated in an interview with WealthManagement.com.
Most lately, Duran was serving alongside Larry Restieri as a co-head of the Private Monetary Administration Group, which has been renamed the Office and Private Wealth enterprise. Dave Dase, who joined Goldman’s Client and Wealth Administration division final yr as head of franchise relationships, will take over Duran’s position, based on an organization memo.
David Fox, who was named head of PFM Advisors final yr, will turn out to be head of Private Monetary Administration, the brand new identify given to United Capital after the acquisition.
“Since becoming a member of the Office and Private Wealth enterprise final yr as head of PFM Advisors, David has put a renewed deal with the advisor expertise,” the memo acknowledged. “He’ll proceed to deliver that focus and his ardour for consumer service to driving the enterprise ahead for our advisors and our shoppers. His practically 25 years of expertise in Non-public Wealth Administration, together with main giant PWM areas, will assist him proceed to develop the connectivity throughout our rising wealth franchise.”
The Office and Private Wealth enterprise has about $100 billion in property underneath administration.
Duran is at the moment nonetheless a companion on the agency, though Goldman shall be winding that down over time. He can even proceed to work with the corporate as an outdoor marketing consultant on a brand new coordinated effort to deliver Goldman’s capabilities throughout divisions to the RIA neighborhood. That effort is being spearheaded by Padi Raphael, international head of third-party distribution. She has introduced collectively a devoted group of enterprise leaders throughout Goldman Sachs, together with executives from asset administration; Goldman Sachs Advisor Options, the agency’s RIA custody unit; GS Choose, its lending providing; and the personal investor product group, its structured notes group.
“Whereas I believe we’re fairly good at particular person enterprise strains serving our shoppers, our actual energy and our actual magic as a agency is bringing that collectively and working as a agency,” Raphael stated. “To that goal, for the final yr, I’ve been spearheading an effort bringing collectively a devoted group of senior leaders throughout the agency who’ve been working collectively to actually take into consideration how we are able to current Goldman Sachs as a holistic agency to the RIA neighborhood.
“We acknowledge that our shoppers try to construct deeper relationships with their shoppers, and as a corporation, we are able to actually deliver collectively all of our capabilities, from services and recommendation, to actually assist our shoppers meet their very own complicated and historic holistic wants,” she stated.
Padi Rafael
“One of many largest challenges for unbiased RIAs proper now could be that it was sufficient to just do planning and open structure funding answer, and I’m of a really agency opinion that with the intention to be aggressive within the altering panorama, we’re going to have to assist advisors to do extra for much less,” Duran stated. “Meaning offering a one-stop monetary assist construction for banking, for financial savings accounts, for credit score strains. The advisors are simply going to should do extra to have a extremely differentiated funding answer as a result of the shoppers themselves can achieve this a lot without cost or very low value. The advisors are going to should be centered on simplifying the shoppers’ lives and offering ever-increasing sophistication to the funding world, that are two issues that Goldman Sachs may be very, superb at.”
Duran stated there was some coordination throughout divisions to serve the RIA channel, however not in the best way the agency needs to be doing it.
“One of many issues we now have to do is deliver a One GS, so that each one throughout the divisions we now have a coordinated effort to verify we’re in sync, that the expertise they’ve with us and the best way we deliver the agency to their shoppers is coordinated with our greatest pondering throughout the divisions,” he stated.
One Goldman Sachs is an inside consumer providers initiative.
Duran stated his work with Goldman shall be his “main and virtually unique focus,” however he can even possible advise with or spend money on some wealthtech companies. “I’ve been doing that as a mentor,” he stated.
He additionally plans to jot down and contribute content material to enhance the wealth administration trade.