United Capital’s client-experience platform is now being led by Rachel Schnoll. Schnoll made the switch to FinLife CX from Goldman Sachs, which bought United Capital for $750 million in July.
At the time the deal was announced, United Capital had about $23.4 billion in client assets in its RIA network. Its white-label wealth management platform, FinLife, had 46 RIA users with $25 billion in assets; today, it has some 50 users.
“This is just the start of the value and capabilities we will add to our offering by leveraging the scale and resources of Goldman Sachs. Rachel is ideally suited to guide FinLife Partners on the next stage of its evolution,” according to United Capital CEO Joe Duran.
Schnoll joined Goldman in 1999. She became a managing director in 2013 and served as head of Retail Product Strategy for Goldman Sachs Asset Management, which focused on the development of mutual funds, collective trusts and closed-end funds.
“With the closing of the United Capital acquisition, Goldman Sachs asked me about moving to FinLife,” Schnoll said in an interview with ThinkAdvisor. “I did some due diligence and really came to love the platform, which lets advisors maximize their practice for clients. It’s also a great way for me to keep working with financial advisors around a tool they can use to grow their practices.”
She is working closely with Mike Capelle, United Cap’s chief platform officer, and some 200 developers associated with Goldman Sachs.
“Almost all of FinLife’s 50 partners have said that when they use the platform they learn [new] things about their clients,” whom they’ve been working for often for five to 20 years, she explained.
“An advisor I met last week in Chicago has six of his own brothers as clients, and he said that he’s learned things about his brothers that he did not know before,” Schnoll added.
New Pricing, Products
With the handoff in ownership, United Capital is adding access to Goldman Sachs’ products and changing its pricing for FinLife. RIAs will now pay to use FinLife based only on the number of advisors; pricing will not be tied to the number of client households or staff.
As for new tools, United Capital is launching MarketPlace, which includes products and services not tied to traditional portfolio management and financial planning. One such item is GS Select, which lets investors access cash through securities-based lines of credit.
The firm also updated HonestConversations, GuideCenter, the client portal, and made new CRM and financial planning integrations.
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