Goldman Sachs-Owned United Capital Expands Advisor Offerings

Tom Burroughes

5 November 2019

United Capital, recently acquired by Goldman Sachs, has appointed Rachel Schnoll to lead FinLife CX, an ensemble of tools built for independent advisors to guide clients.

Schnoll, who previously headed retail product strategy for Goldman Sachs Asset Management, will focus on accelerating business growth. Development includes access to Goldman Sachs products.

Schnoll, who has been at Goldman Sachs since 1999, will work with Mike Capelle, United Capital’s chief platform officer, and his expanded team of 200 developers.

In June, Goldman Sachs bought United Capital for $750 million in cash, a sign of how the Wall Street-listed financial giant is targeting the wider HNW and mass affluent space. Before then, Goldman Sachs’ wealth operation had concentrated on the ultra-high net worth end of the spectrum.

“FinLife CX fulfills a critical need in the advisory space, where advisors require tools to deliver stronger, more customized and digital solutions for their clients. The team has done an incredible job of creating this platform, and I’m confident we have a solid foundation in which we will invest and grow for years to come,” Schnoll said.

Elsewhere in its announcement, Goldman Sachs said the FinLife CX offering will unveil a new, streamlined pricing structure to its clients. Based on the number of advisors using the system, the new structure clarifies the value the FinLife CX offers to clients, and helps advisors maximize their service and growth potential.

United Capital also said that it is expanding and improving tools available to eligible advisors through the FinLife CX platform. Additional enhancements to HonestConversations®, GuideCenter, the client portal, as well as a new CRM and financial planning integrations are now available for clients to access through FinLife CX.

The firm has also launched MarketPlace, as part of the FinLife CX platform. MarketPlace is a curated offering of products and services allowing advisors to deepen client relationships by extending beyond traditional portfolio management and financial planning. For example, the FinLife CX MarketPlace includes GS Select, a digital solution allowing clients to access cash through securities-based lines of credit.