Joe Duran, who offered his firm United Capital to Goldman Sachs in 2019, is leaving the Wall Avenue agency after 3 1/2 years of integrating his advisory enterprise into the group.
“I’ve had a good time integrating the enterprise into wealth, and it was simply time for me to do one thing new,” Duran mentioned in an interview with WealthManagement.com.
Most lately, Duran was serving alongside Larry Restieri as a co-head of the Private Monetary Administration Group, which has been renamed the Office and Private Wealth enterprise. Dave Dase, who joined Goldman’s Client and Wealth Administration division final yr as head of franchise relationships, will take over Duran’s function, in keeping with an organization memo.
David Fox, who was named head of PFM Advisors final yr, will develop into head of Private Monetary Administration, the new title given to United Capital after the acquisition.
“Since becoming a member of the Office and Private Wealth enterprise final yr as head of PFM Advisors, David has put a renewed deal with the advisor expertise,” the memo acknowledged. “He’ll proceed to carry that focus and his ardour for shopper service to driving the enterprise ahead for our advisors and our purchasers. His almost 25 years of expertise in Personal Wealth Administration, together with main giant PWM areas, will assist him proceed to develop the connectivity throughout our rising wealth franchise.”
The Office and Private Wealth enterprise has about $100 billion in property below administration.
Duran is at the moment nonetheless a associate on the agency, though Goldman might be winding that down over time. He can even proceed to work with the corporate as an out of doors advisor on a brand new coordinated effort to carry Goldman’s capabilities throughout divisions to the RIA neighborhood. That effort is being spearheaded by Padi Raphael, world head of third-party distribution. She has introduced collectively a devoted staff of enterprise leaders throughout Goldman Sachs, together with executives from asset administration; Goldman Sachs Advisor Options, the agency’s RIA custody unit; GS Choose, its lending providing; and the personal investor product group, its structured notes group.
“Whereas I believe we’re fairly good at particular person enterprise traces serving our purchasers, our actual energy and our actual magic as a agency is bringing that collectively and working as a agency,” Raphael mentioned. “To that purpose, for the final yr, I’ve been spearheading an effort bringing collectively a devoted staff of senior leaders throughout the agency who’ve been working collectively to essentially take into consideration how we are able to current Goldman Sachs as a holistic agency to the RIA neighborhood.
“We acknowledge that our purchasers are attempting to construct deeper relationships with their purchasers, and as a corporation, we are able to actually carry collectively all of our capabilities, from services and recommendation, to essentially assist our purchasers meet their very own advanced and historic holistic wants,” she mentioned.
Padi Rafael
“One of many largest challenges for unbiased RIAs proper now’s that it was once sufficient to do exactly planning and open structure funding answer, and I’m of a really agency opinion that with a view to be aggressive within the altering panorama, we’re going to have to assist advisors to do extra for much less,” Duran mentioned. “Which means offering a one-stop monetary assist construction for banking, for financial savings accounts, for credit score traces. The advisors are simply going to must do extra to have a extremely differentiated funding answer as a result of the purchasers themselves can accomplish that a lot without cost or very low value. The advisors are going to must be centered on simplifying the purchasers’ lives and offering ever-increasing sophistication to the funding world, that are two issues that Goldman Sachs may be very, superb at.”
Duran mentioned there was some coordination throughout divisions to serve the RIA channel, however not in the best way the agency needs to be doing it.
“One of many issues we have now to do is carry a One GS, so that each one throughout the divisions we have now a coordinated effort to verify we’re in sync, that the expertise they’ve with us and the best way we carry the agency to their purchasers is coordinated with our greatest pondering throughout the divisions,” he mentioned.
One Goldman Sachs is an inner shopper providers initiative.
Duran mentioned his work with Goldman might be his “major and nearly unique focus,” however he can even doubtless advise with or spend money on some wealthtech companies. “I’ve been doing that as a mentor,” he mentioned.
He additionally plans to put in writing and contribute content material to enhance the wealth administration business.