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United Advisor Group Launches, Inks Pact With Goldman Sachs
The development of such an organization speaks to a continued consolidation and restructuring trend in North American wealth management over recent years.
United Advisor Group yesterday launched its independent registered investment advisor. It has chosen Goldman Sachs Advisor Solutions as its custody service provider.
The group will bring together founding advisors from a variety of independent broker-dealers and independent RIAs in a unified, single-tier partnership model. In addition to the initial partners transitioning to United Advisor Group, the group plans to bring on additional advisors, growing its cumulative assets under management to more than $750 million within the next 12 months, it said in a statement.
The founders have structured the organization to encourage collaboration with “like-minded advisors, avoiding the potential issues that can arise from traditional business models,” it said.
"As an RIA, it is our responsibility to provide solutions in a fiduciary capacity. Goldman Sachs stands out among custodians in providing the highest quality and broadest range of resources, tools, and research that cannot be found elsewhere," Ray Gettins, director of United Advisor Group, said.
The development of such an organization speaks to a continued consolidation and restructuring trend in North American wealth management over recent years. A desire to pool resources to win economies of scale is driven by rising client demands and regulatory burdens. Also, as advisors have left banks and brokers to create their own RIAs, they discover that they need to partner with other firms for services such as tech support, for example.
"United Advisors Group's ambitious growth plans align nicely with our custody offering, and we are proud to be supporting their journey as our business continues to expand," Bill Dalton, head of new business at Goldman Sachs Advisor Solutions, said.
The start of 2023 has seen a number of wealth management firms, including that of US multi-office business Tiedemann Group, complete acquisitions. See here for a summary of January's activity.
