Mega-RIAs Mercer, Wealth Enhancement Group and Creative Planning are among the first firms to join a new client referral program being offered by Goldman Sachs.
Mercer Advisors cites its participation in the Goldman referral program in its Form ADV Part 2A brochure dated Dec. 24, stating that it receives client referrals from Goldman Sachs Wealth Services, or GS Ayco, and that Mercer Advisors will pay Goldman a referral fee. The RIA has $92 billion of client assets.
Goldman Sachs declined to comment.
As for Creative Planning, "We have been on the [Goldman] program from day 1 and [are] excited about the potential here," said CEO Peter Mallouk Thursday in an email to ThinkAdvisor.
Creative Planning also participates in referral arrangements with Fidelity and Charles Schwab. The RIA had $640 billion of client assets as of September, and in the fourth quarter announced the acquisition of SageView Advisory Group, with $250 billion in AUM; Burt Wealth Advisors, with $1 billion; and Marshall Financial Group, with $900 million.
A spokesperson for Wealth Enhancement said in statement that the firm "can confirm that we’ve entered into a new referral relationship with Goldman Sachs Ayco. We look forward to serving additional clients through this program while continuing to maintain strong relationships with our existing referral partners.
"This partnership also underscores Wealth Enhancement’s commitment to providing our advisors with access to diversified growth channels," added the RIA, which had over $132.5 billion of client advisory, trust and brokerage assets as of December.
According to Dynasty Financial Partners CEO Shirl Penney, Goldman Sachs' move to open a client referral program is a big plus for the independent advisor channel. "It's great to see more and more firms supporting the independent space and looking for creative ways to help the firms they serve grow," he said via email. "It's never been a better time to be in the RIA space than today!"
Citywire first reported the news of Wealth Enhancement and Mercer joining Goldman Sachs Ayco, and InvestmentNews was first to report Creative Planning's participation.
— Janet Levaux contributed to this report.
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