December 2, 2023

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Goldman Sachs Personal Financial Management continues to lose advisors in the wake of the $29 billion AUM unit’s sale to Peter Mallouk’s Creative Planning.

Quotient Wealth Partners, a Dallas-headquartered registered investment advisor created last month by Goldman PFM defectors, has added more advisors to its offices. The RIA, which is backed by Dynasty Financial Partners, brought on Brian Weatherly, a vice president and senior wealth advisor in its Dallas office, according to SEC filings. At Goldman Sachs, he was a vice president and wealth manager.

According to Quotient’s website, the firm also added Megan Douat, a vice president of asset and wealth management at Goldman, as vice president and wealth advisor in Houston;  Colin Faulk, a senior associate and financial planner, in Houston; and Lucas Baker, an associate at Goldman, as senior associate and wealth advisor in Dallas. Douat, Faulk and Baker are still registered with Goldman Sachs.

Quotient’s website shows it has also recruited Brenda Fraga, a business officer manager at Goldman, as senior director and business service analyst, in Dallas; and Garrett Guidotti, an analyst at Goldman, as senior associate and financial planner in Denver.

Dynasty spokeswoman Sally Cates declined to comment. Weatherly, Douat, Fraga, Guidotti and Baker did not return requests for comment by press time.

Earlier this week, WealthManagement.com reported that a Morristown, N.J.-based team had left Goldman Sachs PFM to join Quotient.

Another former Goldman PFM advisor also has joined Meridian Wealth Management, a Lexington, Ken.- and Tucson-based RIA with about $1.8 billion in assets under management, according to regulatory filings. Chase Gelardi, a former wealth advisor at Goldman Sachs is now registered with Meridian. He’s based in the Scottsdale, Ariz. area, and this follows news that three other Arizona-based advisors also jumped to Meridian. Gelardi did not return a request for comment by press time.

In addition, Justin Isaac, a former vice president at Goldman Sachs, has gone to Advisors Capital Management, a Ridgewood, N.J.-based RIA, according to a regulatory filing.

Goldman Sachs has filed multiple arbitration claims against former PFM advisors, including those who launched Quotient, to enforce non-compete agreements that these advisors signed.

“PFM advisors made a number of commitments to the firm when they signed their employment contracts, and we intend to hold them to those commitments,” a Goldman Sachs spokeswoman said, in a statement. “We take these matters seriously and will take appropriate action against any adviser who attempts to violate their contractual obligations.”

A spokesman for Creative Planning did not return a request for comment by press time.

Several large advisor teams have defected from Goldman’s PFM unit since the firm announced the sale to Creative Planning, joining firms like Farther, Apollon Wealth and Prime Capital Investment Advisors, according to published reports.

Goldman Sachs PFM managed a little more than $29 billion across 781 advisors at the end of last year, according to federal filings.

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