December 7, 2023

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In an ever-evolving landscape, there seems to be a constantly growing number of trailblazers we meet along the way. In this episode, those trailblazers are breaking new ground by selecting the nascent Goldman Sachs Advisor Solutions as the custodian for their new RIA firm.

This story starts with a team in Beverly Hills that built an incredible business at Merrill, managing a billion dollars in assets.

After a decade of staying educated on changes in the industry, they decided that it was time to disrupt momentum and take the biggest leap of all: to launch their own RIA firm.

And if making the leap to independence wasn’t big enough, they jumped farther by launching their firm into uncharted waters. That is, as the first of their size to choose the Goldman custody platform.

It’s a story that exemplifies the power of vision and the realization that the one-size-fits-all methodology of a big firm like Merrill has its limits—particularly for those who work with high net worth clients.

Scott Shagrin, Ira Ravitz, and Lisa Westermark had their sights set on creating a differentiated, high-end client experience.

So in the fourth quarter of 2022, the team launched RIA Beverly Hills Private Wealth, and just one year later, Scott, Ira, and Lisa join Mindy Diamond to discuss their journey, including:

  • Their motivations to leave Merrill after building a billion-dollar business there—and why independence won out over the prospect of signing on to Merrill’s retire-in-place program or taking a transition deal from another large firm.
  • Their due diligence process—and what was unique about their experience.
  • Their choice to go with Goldman Sachs Advisor Solutions—and what it was like to be “trailblazers” on the nascent platform.
  • Their attraction to the platform—and why they felt it was the right option for their business and clients vs. other seasoned options.
  • The transition process—and what key lessons they learned.
  • And ultimately, what they can do as independent firm Beverly Hills Private Wealth that they could not as employees at Merrill.

The episode shares a complete picture of the thought process a team goes through when considering change—including weighing the options of their firm’s retire-in-place program, a transition deal from another large firm, and independence. Plus, it offers candid perspectives on life before and after the transition.

Download a transcript of this episode…

Listen to more episodes of Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change

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