Goldman Sachs Custodian Recruits $1 Billion Breakaway RIA

Michael Madden, Contributing Editor & Research Analyst, Wealth Solutions Report

Beverly Hills Private Wealth Leaves Merrill Lynch, Forms As Independent RIA, Names Goldman Sachs Advisor Solutions As Custodian

Beverly Hills Private Wealth announced its formation as an independent RIA and its selection of Goldman Sachs Advisor Solutions as custodian. Led by advisors Scott Shagrin and Ira Ravitz, both Managing Directors and Co-Founders, and Lisa Weiner, SVP and Co-Founder, who collectively managed $1 billion at Merrill Lynch, the new firm serves successful clients and multi-generational families with financial planning, investment management, tax planning and risk management.

Beverly Hills

Regarding the selection of Goldman Sachs Advisor Solutions as custodian, Shagrin said, “Our independence allows us to assess and select the best resources and technology in the industry.”

Shagrin continued, “Goldman Sachs Advisor Solutions was at the top of that list – a premier choice to safeguard accounts and provide the infrastructure and platform needed to free our time to focus on helping our clients.”

Bill Dalton, Head of New Business at Goldman Sachs Advisor Solutions, said, “Our goal is to offer advisors the best of both worlds – the freedom to operate as an independent RIA and the ability to access institutional-grade products and services.” 

In a statement to WSR, Goldman Sachs Advisor Solutions said that it believes the independent wealth management space has room for a new custodian, and it will bring investment solutions previously reserved for its institutional clients to the RIA community. 

The statement noted: “We are incredibly focused on providing a best-in-class client experience and service level for advisors on our platform. Winning the business from an RIA of this caliber is a testament to all the hard work our team has put into further enhancing our solution.”

Shagrin believes the move to independence serves the best needs of the firm’s clients. “During such uncertain times, our clients need advisors they can depend on wholly – advisors who are held to the highest fiduciary standards without conflicts of interest. There are some who might think it would have been easier to simply move to another large broker-dealer, but that would have been beneficial only for us. This move is not about us.”

Time for a new chapter

Shagrin and Ravitz have worked together since 1998 at Smith Barney. In 2006, the pair moved to Merrill Lynch, where Weiner joined them in 2013. Other team members include Chief of Staff and Senior Relationship Manager Alaina Park, Senior Relationship Managers Jose-Pablo Buerba and Andrew Fuller and Associate Adrian Escalante.

“We had a great run at Merrill, but it is time for the next chapter. Not just for us, but for our clients. And the future looks very bright,” Ravitz said.


Michael Madden, Contributing Editor & Research Analyst at Wealth Solutions Report, can be reached at mmadden@wealthsolutionsreport.com

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