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By 
March 20, 2018 at 04:55 PM
Advisors with LPL Financial can now access GS Select, the online lending program of Goldman Sachs Private Bank, for their high-net-worth clients. Those clients can borrow between $75,000 and $25 million against the value of their accounts for multiple purposes except purchasing marketable securities.
“LPL’s advisors will be able to expand their relationship with clients by helping them manage their borrowing needs as efficiently as they manage their investments,” said Andrew Kaiser, head of the Goldman Sachs Private Bank, in a statement.
(Related: Who Joined LPL in Q4?)
LPL is the second institutional client for GS Select. It debuted in July with Fidelity Clearing and Custody Solutions, providing the RIAs, broker-dealers and family office clients in that network access to the program.
GS Select currently supports 40 independent advisor firms and broker-dealers and expects to add more advisory firm clients over the course of the year, says Whitney Magruder, managing director of Goldman Sachs Private Bank. It’s part of an effort to expand Goldman’s footprint beyond the typical ultra-high net worth client of its private bank to the less affluent high-net-worth client that’s served by RIAs and broker-dealers.
