New York-headquartered investment bank Goldman Sachs has just brought out an evolved family office platform that offers its private wealth clients flexibility, choice, and simplicity.

Goldman Sachs has integrated its Ayco and Private Wealth Management (PWM) family office offerings, using experience in providing an advisor-led outsourced family office. As a part of the new platform, it is also building out an “à la carte” service solution, designed to meet targeted client needs and preferences.

The US firm said there is a shift in client preferences toward broader services customized to their specific needs.

Clients increasingly want wealth management, akin to a family office, without the operational and administrative burden of running one, as well as the flexibility to use different services as their needs evolve, the bank said in a statement.

Like other banks in the US and overseas, Goldman Sachs is tapping into the growth around the world in the number of family offices, as well as  the need for these organizations to get outsourced support across a range of areas such as technology, custody and investment. Family Wealth Report has asked the firm for more details about the new capabilities, and may update this article in due course.

The unified family office platform will be led by Stacy Mullaney, global head of the Goldman Sachs Family Office.

The new offering will include Family Office Solutions, which offers “à la carte” services that clients can select from a menu of services – whether that be ad hoc or ongoing – to meet their evolving needs. From consolidated reporting and alternative investment administration to cybersecurity, Goldman Sachs said it is integrating third-party fintech platforms to deliver modern and digital offerings to clients.

Family Office Solutions will be led by Chris Gleason.

The new offering also includes the Private Family Office, which will provide clients with a team to manage what are often complex and highly personal finances. The offering covers advisory, reporting, coordination and execution. The Private Family Office will continue to be led by Laura Carroll, with services provided by Goldman Sachs Ayco, the bank said.

“When we talk to our clients about whether or not to build a family office, three themes stand out: strong governance, flexibility to meet the needs of the extended family, and continuity,” John Mallory, co-head of global Private Wealth Management, said.

“We know our clients value the global network and deep resources of Goldman Sachs. By integrating our services into one platform, we can provide the scale and resources necessary to meet our clients’ increasing demand for holistic wealth management, along with the flexibility to meet different needs at different points in time,” said Mullaney. “This enhanced platform will provide a continuum of services and allow us to now say ‘we are your family office’ – whether that be targeted “à la carte” solutions or an advisor-led holistic solution.” 

Goldman Sachs Private Wealth Management serves ultra-high net worth individuals and families, as well as select institutions, including foundations and endowments. The broader Ayco business also continues its focus on partnering with more than 500 corporate clients, such as executives. Services may include integrated wealth planning (insurance, tax planning and preparation, estate planning, and more), access to the Goldman Sachs wealth platform, and full-service coordination and implementation assistance.