A conversation with Richard Lofgren, Managing Director – Goldman Sachs Advisor Solutions

Overview

It was big news when Goldman Sachs announced their custody offering, turning the heads of top advisors looking to leverage the Goldman name in their leap to independence. In this episode, Richard Lofgren, the Managing Director of Goldman Sachs Advisor Solutions, provides inside baseball, including how they differentiate from other established custodians, their ideal advisor profile, and much more.

> Download a transcript of this episode…

NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.

When it comes to competitive recruiting, Goldman Sachs has long stood steadfastly outside of the playing field. Loathe to pay aggressive transition deals, the firm focused instead on recruiting second-career advisor talent who grew into experienced Goldman Private Wealth Advisors. And it’s a formula that worked.

Yet speculation circled when the firm acquired Folio Financial, a relatively small custodian with approximately $11B in assets under advisory for about 450 RIAs.

Then they hired two superstar recruiters from Schwab and Pershing (Richard Lofgren and Bill Dalton, respectively)—sending a shot across the bow indicating that they were lining up their forces to make their own leap into the independent landscape.

That is, to become the custodian of choice for advisors looking to build their own RIA firms—and capitalize on the elite status of the Goldman name, platform, and solutions in the process.

And while it took some time to get off the ground, Goldman Sachs Advisor Solutions is demonstrating that advisors are seeking a new option in the custody space that will resonate with their vision.

In this episode, we welcome one of the two superstars mentioned earlier, Richard Lofgren, to get the inside baseball from the managing director who’s had his boots on the ground with Goldman since 2020. In a conversation with Louis Diamond, Richard shares:

• The Goldman Advisor Solutions value proposition—and what differentiates it from established custodians like Schwab, Fidelity, and Pershing.
  
• The value to advisors—and how that translates into a strategic win for Goldman.
  
• The innovative services and support advisors can expect—and why “growth-focused modern advisors” are the right fit for the platform.
  
• Plus, Richard shares some early success stories and Goldman’s goals for the future.
  

This episode exemplifies how even the most prestigious firms on the Street are looking to make the leap to independence—with valuable insight for any advisor looking to better understand how this new option fits into an evolving landscape.

Goldman Custody Platform Trailblazers: $1B Merrill Breakaway Team One Year Later

The founders of Beverly Hills Private Wealth discuss their motivations to leave Merrill after building a billion-dollar business, their transition to independence and experience as one of the first RIAs to choose Goldman Sachs Advisor Solutions as their custodian. Listen->

Industry Update on Goldman Sachs: What could a new RIA custodian mean for advisors and the industry?

There have been reports of some significant changes brewing at Goldman Sachs that seem to indicate that the firm is going all-in on the RIA custody business. What does that mean for Goldman Private Wealth Advisors and the industry at large? Listen->

A Goldman Sachs Play in the Custody Game: What Could This Mean for Advisors and the Industry At-Large?

Recent moves by the firm indicate that something is brewing—and the stars are pointing in the direction of independence. Read->

Richard Lofgren
Global Banking & Markets, Dallas

Richard manages business development for Registered Investment Advisor (RIA) Custody in the Central United States. He joined Goldman Sachs in 2020 as a managing director.

Prior to joining the firm, Richard worked at Charles Schwab as a managing director in the Advisor Services group, where he was responsible for RIA custody sales for the Eastern Division. Previously, he managed the South and Western Regions within JP Morgan Private Bank’s high net worth division for seven years. Prior to that, Richard managed teams as chief operating officer and chief compliance officer for a regional RIA, Capital Advisors, Inc. from 2001-2010.

Upon separation from Active Duty with the US Navy, he began his financial services career at Merrill Lynch. Richard serves as Captain in the United States Navy Reserves and has held command of numerous commissioned units. Richard is also a director for The University of Texas Naval Alumni Foundation in Austin, Texas. Richard earned a BA in History from the University of Texas at Austin in 1993. He is also a 2020 graduate of the US Naval War College’s Command & Staff College, where he completed his Joint Professional Military Education.

Browse other episodes in this podcast series…