Goldman Sachs Private Wealth Management, the investment bank’s advisory business that caters to the ultra-high-net-worth, named a new regional head in a key market where it sees opportunity to grow.
Robert Barlick, a managing director, is now the region head of Private Wealth Management in Florida and Latin America, he told WealthManagement.com on Friday. The veteran wealth manager joined the firm in 2004 and has held other leadership positions, including co-captain of its new Private Wealth Advisor training program. Barlick has also been a member of the PWM Advisors Council since 2015. Outside of Goldman, he is a board member and treasurer of the Adrienne Arsht Center for the Performing Arts Foundation and was trustee at Florida International University from 2012 to 2014.
Florida, a popular client destination for its tax advantages and lifestyle, is an important market to Goldman’s wealth management business, Barlick said. He works primarily with domestic clients and will oversee operations in Florida as well as Mexico, Brazil, Chile and other Latin American countries.
Goldman Sachs PWM doesn’t disclose assets under management by each region or for its individual advisors. Its clients have at least $10 million of investable assets but Barlick said the average client has closer to $50 million. As a whole, the bank’s wealth unit manages $458 billion.
Barlick is replacing Greg Ferrero, who was previously the region head of PWM in Miami and West Palm Beach.
Ferrero, who joined Goldman Sachs in 1990 and has more than three decades of experience in wealth management, will continue to be an advisor with the firm in Florida.