New Independent RIA With Collaborative, Autonomous Partnership Structure Selects Goldman Sachs Advisor Solutions As Custody Services Provider
United Advisor Group (UAG), which recently formed an independent RIA, announced the initial transitions of its founding advisors to its RIA from a variety of IBDs and independent RIAs, and the selection of Goldman Sachs Advisor Solutions (GSAS) to provide custody services.
The initial advisors will join throughout the year, though most are expected to join by the end of the second quarter, bringing UAG’s total assets under management (AUM) to $750 million. By the end of the year, it expects to reach $1 billion in AUM.
UAG’s Partnership Model
UAG’s single-tier partnership model is designed to allow each partner or firm within it to grow autonomously and collaborate with like-minded advisors, while leveraging the group for improved pricing and increased access to products and solutions, including a brokerage arrangement with Silver Oak Securities. While the group provides services, technology and resources, advisors are not limited to UAG’s services.
Ray Gettins, Director of United Advisor Group, said, “Our decision to build UAG as a single-tier partnership was strategic and intentional to deliver the best support to our advisors, enabling them to provide the highest level of service to their clients. As the call for choice in our industry increases, we feel strongly about the advantages of our model.”
“The UAG structure gives advisors and RIAs the size they need to leverage providers that they couldn’t reach alone,” Gettins continued. “Our advisors can maintain their autonomy, keeping the DBAs and brands they’ve been working on for years. Additionally, they have the benefit of flexibility and choice.”
Custodian Services With Goldman Sachs
“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,” said Bill Dalton, Head of New Business at GSAS.
Gettins stated, “Through our relationship, we will gain access to the tools, resources, and execution capabilities that will allow us to continue providing our clients with institutional-grade guidance and asset management services, as well as expand these services further.”
Explaining how the partnership with GSAS will enhance advisors’ service to clients, Gettins gave an example of “a CFA that runs strategies who will be able to hedge certain risk and work with the structured note desk.”
Gettins continued, stating that GSAS “can provide access to lending solutions, such as SBLOCs, and alternative investing solutions that other providers treat as an accommodation. Also, access to Goldman Sachs investment research and institutional analytics will enable our advisors to stand out against the competition.”
GSAS’ selection as custodian for UAG closely follows October’s announcement that a $1 billion breakaway from Merrill Lynch, Beverly Hills Private Wealth, also chose the firm to provide custody services.
Janeesa Hollingshead, Executive Editor at Wealth Solutions Report, can be reached at editor@wealthsolutionsreport.com
