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Joe Duran

Industry Spotlight > Clearing and Custodial Firms

Joe Duran Steps Down as Goldman Partner, Stays as RIA Consultant

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What You Need to Know

  • Joe Duran joined Goldman as a partner in 2019, when the firm acquired RIA United Capital for $750 million.
  • Duran is now stepping down as co-head of Goldman's Personal Financial Management Group.
  • He will transition to the role of consultant to the firm as it continues its effort to become a top custodian for RIAs.

Joe Duran is stepping down as a Goldman Sachs partner and co-head of its Personal Financial Management Group to become a consultant to the firm as it continues its effort to become a  “holistic service provider” for RIAs, the company said Monday.

Consultant is a “new, integral role” at Goldman “as we augment our firmwide efforts to serve the fast-growing RIA channel,” a company spokesperson told ThinkAdvisor. The news was first reported by InvestmentNews.

“He is transitioning over the coming weeks,” the spokesperson explained, adding Duran “will consult with GS on its entire offering for RIAs.”

Duran’s “entrepreneurial record combined with his knowledge of the RIA industry is exceptional, and we look forward to benefiting from his experience to best serve the evolving needs of our clients,” she said.

Duran will work with Padi Raphael, head of third-party distribution for Goldman Sachs Asset Management and a partner at the firm, and other business leaders on this initiative, the spokesperson said.

They will “help innovate solutions for the RIA industry, by harnessing the combined power of our key platforms serving advisor clients across the firm, including Goldman Sachs Asset Management, Goldman Sachs Advisor Services, GS Select and PIPG,” the spokesperson said.

Duran joined Goldman as a partner in 2019, when the firm acquired the RIA United Capital for $750 million in cash. In 2021, he became a judge for ThinkAdvisor’s industry recognition program, the LUMINARIES.

For the past several years, Duran has been “instrumental in integrating the PFM business into the firm,” the spokesperson said. The PFM Group includes Ayco and PFM.

“We know that our advisor clients want to build deeper relationships with their clients, and organizations like ours can help them to meet their complex and holistic needs, including with cash solutions, lending, digitally enabled custody, and differentiated investment opportunities particularly across private markets, as well as through convening power and industry-leading insights,” the spokesperson said.

“Goldman Sachs uniquely has developed all of these capabilities and Joe is well positioned to help us ensure a seamless delivery of these services to the RIA industry,” she explained.

Other Leadership Changes

David Fox will replace Duran as head of PFM. Since joining Goldman’s Workplace and Personal Wealth business last year as head of PFM Advisors, Fox has “put a renewed focus on the advisor experience,” the spokesperson said.

“He will continue to bring that focus and his passion for client service to driving the business forward for our advisors and our clients.”

Fox’s almost 25 years of experience in Goldman’s Private Wealth Management business, including “leading large PWM regions, will help him continue to grow the connectivity across our growing Wealth franchise,” she said.

As Goldman continues to strengthen its Wealth Management business and serve clients “across the wealth spectrum, we remain focused on the growth of our Workplace and Personal Wealth business,” the spokesperson said.

Noting that Ayco has more than 50 years in the corporate-sponsored financial planning space, alongside the growing PFM business, “we are well positioned to expand Goldman Sachs’ high-net-worth business, our fee-based revenues and diversify our business mix,” she said.

To support the execution of Goldman’s Workplace and Personal Wealth strategy, it made additional management changes.

Dave Dase will join Larry Restieri as co-head of the Workplace and Personal Wealth business. Dase has been with Goldman over 25 years in its Investment Banking division, covering corporate clients.

Dase joined Consumer and Wealth Management last year as head of Franchise Relationships, where he has “expanded our corporate wealth franchise, driving connectivity between Wealth Management, Investment Banking and other parts of the firm to serve our clients’ needs,” the spokesperson said.

He will “maintain certain Investment Banking client relationships and continue to serve as head of the Southeast region, based in Atlanta,” according to the spokesperson.

 (Pictured: Joe Duran)


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