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United Capital to Be Rebranded With Goldman in Its Name

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United Capital is getting a new name. Come spring, the $25 billion RIA will be known as Goldman Sachs Personal Financial Management, after its new owner.

Goldman Sachs, which closed on its $750 million cash acquisition of United Capital in July,  announced the name change at its inaugural Investor Day this week. 

It was not unexpected. Joe Duran, founder and head of United Capital, indicated as much in December at the MarketCounsel Summit. He will be known as the head of Goldman Sachs Personal Financial Management.

(Related: Joe Duran: Why I Sold United Capital)

At the Investor Day meeting, Eric Lane, global co-head of the firm’s consumer and investment management division of Goldman, laid out the firm’s plans to serve a wide swath of investors, from clients with $10 million or more in investable assets, currently served by its Private Wealth Management Group, to high-net-worth ($1 to $10 million) and mass affluent clients (less than $1 million). United Capital’s clients, with average account balances of $350,000 according to the firm’s latest Form ADV filing, fall into the last two categories since they include many with assets at or above $1 million.

Goldman expects to increase the number of advisors in its ultra-high net worth wealth business by 20% over the next three years, or 160,  expand its HNW platform and build “a leading digital consumer bank,” scaling existing products and introducing new ones, including a wealth management offering for the mass affluent. 

The offering, expected to debut later this year, will be part of an integrated platform that  includes Marcus by Goldman, its current digital bank, and connects with Ayco, Goldman’s work-based work-based financial counseling, investment management and family office service which has been serving corporate executives but expand to serve a much larger work-based population.

A digitally-led investment offering is expected to launch later this year and a Marcus checking account in 2021. Also planned is a digitally enabled product for high net worth clients.

— Check out RIA Consolidation Is Officially Here on ThinkAdvisor.


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