The Goldman Sachs Group has developed a family office platform that provides simplicity, choice, and flexibility to its private wealth clients.
Using decades of experience in delivering an adviser-led outsourced family office, the firm has combined its Ayco and Private Wealth Management (PWM) family office products.
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In addition to this, the company is also developing an à la carte service option as part of the new platform, which is intended to satisfy specific client requirements and preferences.
Client tastes are clearly shifting in favour of more comprehensive services tailored to their individual requirements. They are demanding more and more complete wealth management, similar to a family office but without the administrative and operational strain of managing one, and the freedom to switch between services as their needs change.
The recently renovated Goldman Sachs Family Office will give customers access to a comprehensive, adaptable asset management strategy. Under the direction of Stacy Mullaney, worldwide head of the Goldman Sachs Family Office, the unified family office platform will comprise:
- Family Office Solutions, which offers à la carte services that clients can select from a menu of services – whether that be ad hoc or on an ongoing basis to meet their evolving needs. From consolidated reporting and alternative investment administration to cybersecurity, Goldman Sachs is integrating innovative third-party fintech platforms to deliver modern and digital offerings to clients. Family Office Solutions will be led by Chris Gleason.
- The Private Family Office will continue to provide clients with a dedicated team to manage what are often complex and highly personal finances. This full family office practice offers a solution for clients in need of comprehensive coverage including advisory, reporting, coordination, and execution. The Private Family Office will continue to be led by Laura Carroll, with services provided by Goldman Sachs Ayco.
Through its Goldman Sachs Apex team, PWM harnesses years of investment experience working with major institutional family offices all over the world. The Apex team provides exclusive investment opportunities, advanced intellectual capital, knowledge of the private market, and distinctive access to the flow of deals from Goldman Sachs and a wide range of partners.
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By GlobalDataThe Apex team also conducts numerous forums for family offices to network, exchange best practices, and get together on pressing topics all across the world.
Moreover, the larger Ayco company is still committed to working with over 500 corporate clients to assist executives maximise their time and productivity.
Services could include complete coordination and implementation support, access to the Goldman Sachs wealth platform, and integrated wealth planning (insurance, tax planning & preparation, estate planning, and more). At more than half of the Fortune 100 and over a quarter of the Fortune 1000, Ayco provides corporate-sponsored wealth planning services to leaders and the general workforce.
John Mallory, co-head of global Private Wealth Management stated: “When we talk to our clients about whether or not to build a family office, three themes stand out: strong governance, flexibility to meet the needs of the extended family, and continuity. We are committed to delivering exceptional value and personalised support to meet our clients where and how they want to be served based on their unique and evolving needs, ensuring that families can effectively manage and grow their wealth across generations.”
Stacy Mullaney added: “We know our clients value the global network and deep resources of Goldman Sachs. By integrating our services into one platform, we can provide the scale and resources necessary to meet our clients’ increasing demand for holistic wealth management, along with the flexibility to meet different needs at different points in time. This enhanced platform will provide a continuum of services and allow us to now say ‘we are your family office’ – whether that be targeted à la carte solutions or an adviser-led holistic solution.”
