United Capital is a registered investment advisor with USD $25bn of assets under management and over 220 financial advisors serving 22,000 clients in over 90 offices across the United States. United Capital also operates FinLife CX, a digital platform that helps independent advisors grow their business and form stronger relationships with their clients.
David M. Solomon, Chairman and CEO of Goldman Sachs, said: “We have a leading wealth management franchise, driven by our preeminent Private Wealth Management and Ayco offerings, which will serve as a cornerstone of our business as we execute on our long-term strategy to offer clients solutions across the wealth spectrum. United Capital will help accelerate this strategy by broadening our reach, allowing more clients to access the intellectual capital and investment capabilities of Goldman Sachs.”
The acquisition will expand Goldman Sachs’ wealth management business, which is comprised of Private Wealth Management and Ayco that together have nearly USD $500bn of assets under supervision. Ayco provides financial counselling and investment management services to corporate executives and employees, serving over 400 companies, including approximately 60 of the Fortune 100.
United Capital will enhance Goldman Sachs’ ability to cover a broad range of clients in Ayco’s growing corporate client base with financial planning solutions through an advisor-led, tech-enabled platform with considerable scale and geographic footprint. These efforts will complement the digitally-empowered consumer platform for individuals from Marcus by Goldman Sachs, and will ultimately provide a full-range of services across the wealth spectrum.
As part of the transaction, Joe Duran, Founder and CEO of United Capital, will join Goldman Sachs. The firm will also welcome the team of employees at United Capital, including its advisors in offices across the United States.