The First Significant Breakaway Team to Choose Goldman Sachs Custody Platform for Their Newly-Launched RIA Firm
We feel that creating our own fully independent RIA is ultimately in the best interests of our clients. During such uncertain times, our clients need advisors they can depend on wholly—advisors who are held to the highest fiduciary standards without conflicts of interest. There are some who might think it would have been easier to simply move to another large broker dealer, but that would have been beneficial only for us. This move is not about us.
Scott Shagrin
Managing Director, Co-Founder
Beverly Hills Private Wealth
Partners Scott Shagrin and Ira Ravitz worked together since 1998, first at Smith Barney and since 2006 at Merrill Lynch. They were joined by partner Lisa Weiner in 2013.
Based in Beverly Hills, they built an extraordinary business managing $1B in client assets for high net worth individuals and multi-generational families.
So why would a team of this magnitude disrupt momentum to consider change?
It all came down to their objective to create a truly differentiated, personalized experience for clients—something they felt wasn’t possible within the confines of a big firm where the client offering is far more standardized.
According to Ira, “We work with a diverse group of clients, from business owners to those in the entertainment industry to familial wealth passed down through multi-generational relationships. There is no one-size-fits-all plan or formula that could meet the goals of such different people.”
Considering Scott and Ira’s objectives, Diamond Consultants and the team quickly agreed to rule out other traditional firms, since these options wouldn’t allow the team to create a bespoke client experience. Instead, we homed in on the RIA space, which offered the greatest level of freedom and control to realize their vision.
Ultimately, the team opted to launch their RIA firm Beverly Hills Private Wealth using the nascent Goldman Sachs Advisor Solutions for custodial services.
But why did they choose Goldman’s new custody division over other seasoned custodial options?
Scott and Ira were attracted to the uniqueness of the Goldman custody platform—which they felt optimally aligned with their vision to create a differentiated, high-end client experience.
More specifically, it was the best-of-all-worlds value proposition—combining the strength and reputation of the Goldman brand assuring safe asset custody, excellent technology, and open architecture to shop the Street. But the real differentiator was access to Goldman’s institutional-level resources, including alternative investments, structured products, securities-based lines of credit, and investment research.
For the team, this winning combination set the Goldman platform apart from the competition—so much so that the inevitable challenges of being an early adopter were less concerning.
“We had a great run at Merrill, but it is time for the next chapter. Not just for us, but for our clients. And the future looks very bright,” Ira shared.
Diamond Consultants is pleased to have represented Scott, Ira, Lisa, and the team at Beverly Hills Private Wealth and looks forward to hearing more about their journey in the future.
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More About this Move….
- Goldman Sachs Custody Adds $1B Breakaway Team
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Goldman Sachs enters breakaway RIA biz with $1bn Merrill team
View recent Representative Deals…
This post first appeared on Perspectives For Financial Advisors From Diamond Consultants, please read the originial post: here
