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Goldman’s Brand Could Be Its Biggest Benefit or Achilles’ Heel in Attracting RIAs Goldman Sachs has been quietly building RIA custodial services behind the scenes, with big-name hires and plenty of resources; but can it overcome its Wall Street heritage to appeal to independent advisors?
Last May, Goldman Sachs announced its acquisition of Folio Financial’s clearing and custody technology, and since then the Wall Street firm has been quietly building out a custody offering for registered investment advisors, poaching top executives from some of the largest RIA custodians in the country.
And while Goldman has made no formal announcement around its RIA custodial service, industry observers say it s a smart strategy; there’s room for Goldman and other smaller custodians to pick up market share from some of the larger, rapidly consolidating players; for instance, some advisors have complained of subpar service levels at Schwab in the midst of its integration with TD