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Goldman Sachs’ RIA Custody Unit Signs Up Steward Partners

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What You Need to Know

  • Steward, which has 180 advisors and $23 billion in assets, also will continue to work and custody assets with Raymond James.
  • The Goldman tie-up is related to Steward’s new multi-custodial business, which builds on its recent acquisition of BD Umpqua Investments.

Goldman Sachs has landed Steward Partners Global Advisory as its first RIA clearing and custody client. The deal is tied to Steward’s new multi-custodial business model, Steward Partners Investment Solutions, which builds on its recent acquisition of broker-dealer Umpqua Investments.

Steward, which has about 180 affiliated advisors and works with $23 billion in assets, also will continue to work and custody assets with Raymond James — its partner for the past eight years — and will soon move its advisors to Raymond James’ RIA and Custody Services platform

“With the Umpqua broker-dealer acquisition, which was a big moment for us, we wanted to go to a multi-custodial model and offer more to advisors,” said Steward CEO Jim Gold, in an interview with ThinkAdvisor. “We are so excited to be Goldman Sachs’ first institutional client on its [custody] platform.”

Goldman seems upbeat, too, about the arrangement. “Steward is a natural fit for our first large-scale relationship since deciding to enter the RIA custody business,” stated Adam Siegler, a co-head of its new custody business, in a statement. “Their track record of success and growth focus pair perfectly with the holistic platform that we are delivering,”

Steward’s String of News

It’s been a whirlwind of developments for Steward over the past few weeks, Gold explained, noting that the firm recently obtained a $100 million minority investment from the Pritzker Organization family office group: “We are clearly not intimidated to build something new.”

Why Goldman? “They have a terrific brand and unique suite of services planned for this platform over time,” Gold says. In the high-net-worth and private wealth management space especially, that should support Steward’s advisors. 

Umpqua is currently working with First Clearing. Some of its assets and others now tied to Steward could move to Goldman Sachs as early as the fourth quarter, when the Wall Street firm is set to open the doors of its new custody business. 

“I’ve been in sales my whole life,” Gold said. “It’s a great advantage to have something unique to talk about. As the first [Goldman Sachs’] institutional client, this is clearly that type of story, and it brings the Steward name to a whole new level.”

While he expects other RIAs to join it and sign on with Goldman Sachs, Gold is upbeat on how the firm he leads can maintain momentum. “We’ve recently added about $1 billion in recruited [advisor] assets” via two new teams, in addition to other groups it has brought on onboarded so far in 2021. “We see hyberbolic growth ahead.”  

Photo of Goldman Sachs building: Nicky Loh/Bloomberg.


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