November 30, 2023

[ad_1]

At least 10 more financial advisors have exited Goldman Sachs Personal Financial Management in the wake of the $29 billion AUM unit’s sale to Peter Mallouk’s Creative Planning.

A Kestra spokeswoman confirmed that the firm’s Private Wealth Services unit has picked up advisors Lee Swinford, Amber Andregg and Joshua Smith, all former vice presidents at Goldman Sachs PFM. All are based in the Dallas suburb of Plano, Texas. Andregg has launched her own practice under Kestra PWS, Symphony Wealth Group, according to LinkedIn. Alexander Monroe, a former analyst at Goldman, has also moved over.

Kestra declined to comment further, and Swinford, Andregg, Smith and Monroe did not return requests for comment prior to publication.

Prime Capital Investment Advisors, a $22.5 billion RIA based in Overland Park, Kan., a neighbor to Creative Planning, brought on two more advisors, including Paul Jarvis, a former vice president at Goldman, and Eric Herzog, a former wealth advisor, in Fargo, N.D. The private equity-backed RIA has been a big beneficiary of the Goldman unit sale to Creative Planning.

Jarvis and Herzog did not immediately respond to requests for comment.

True Private Wealth Advisors, a Salem, Ore.-based RIA and Dynasty partner firm with about $948 million in assets under management, has added Tommy Paterson, a former Goldman vice president, and Maria Olsen, a former vice president and business operations manager of Willamette Valley, at Goldman. They join the Davis Altman Paterson Group in Salem, Ore.

Dynasty spokeswoman Sally Cates declined to comment, and Paterson and Olsen did not respond to requests for comment prior to publication.

Kassi Hyde, a former vice president and wealth advisor at Goldman Sachs PFM in Atlanta, has moved to Apollon Wealth Management, a Charleston, S.C.-based RIA with about $3.4 billion in assets. She joins at least three other advisors who left Goldman for Apollon, according to published reports. She also did not immediately respond to a request for comment.

Joe Giardano, a wealth advisor at Goldman Sachs PFM in Dallas, has joined Prospera Financial Services, an independent broker/dealer, according to regulatory filings. He and a Prospera spokeswoman did not immediately respond to requests for comment.

Goldman Sachs declined to comment, beyond a previous statement regarding the firm’s enforcement of its employment contracts.

“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 spokeswoman said in a statement. “To that end, we have filed claims against advisors across multiple states for violating their non-compete obligations and their fiduciary duties to the firm. 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 respond to requests for comment prior to publication.

Several large advisor teams have defected from Goldman’s PFM unit since the firm announced the sale to Creative Planning. This week, WealthManagement.com reported that Quotient Wealth Partners, a new RIA created by Goldman PFM defectors, added more advisors, as well as Meridian and Advisors Capital Management.

Goldman Sachs PFM managed a little more than $29 billion across 781 advisors at the end of last year, according to federal filings. That deal is expected to close in the fourth quarter.

[ad_2]

Leave a Reply

Your email address will not be published. Required fields are marked *