Aaron Schumm, founder and CEO of Vestwell, a digital retirement platform for advisors
I cannot speak on behalf of Goldman Sachs or United Capital and respective strategies, but as someone in the industry, the acquisition opens direct access to the mass-affluent, in a place where they can leverage their core competencies of providing technology, asset, investment, and wealth services to support an even broader network of individuals.
Joe Duran, and his team at United Capital have built an admirable wealth management business, on the back of a platform that allows for flexibility with personal touch. From the outside, United Capital appears to fit uniquely between core focuses of Goldman Sachs, when looking at high-end private wealth on one end, and direct to consumer offerings within Marcus.
Perhaps it’s most interesting as a fintech company, to think of a vision of marrying all aspects of financial management—from loans and savings, to retirement, to financial planning, to asset management, among others—all with a hyper focus on advanced technology. United Capital, in particular, has built a lot of great software for advisors, and that was undoubtedly a key attraction. And now that Goldman will have greater access to the mass affluent, they can bring this comprehensive suite of tools and services to an expansive audience in a modern and integrated way.
(Disclaimer: Vestwell has had no interaction with Goldman Sachs or United Capital in regards to this acquisition, deal structure, or the joint strategies.)