Goldman Sachs completed its acquisition of retirement robo-advisor NextCapital Group, the firm said Monday.
The planned acquisition was announced by Goldman Sachs in March. NextCapital's platform will allow Goldman Sachs Asset Management to augment its advisory services with defined contribution retirement plans through personalized managed accounts and digital advice, the New York-based bank said at the time in a statement.
The transaction "will accelerate the expansion of Goldman Sachs' services to the growing" DC retirement market through personalized managed accounts and digital advice, the firm said on Monday.
NextCapital's platform will become part of Goldman Sachs Asset Management's Multi-Asset Solutions business, and NextCapital's team of more than 150 professionals has joined Goldman Sachs.
Goldman Sachs Asset Management and NextCapital will continue to partner with financial institutions across the U.S. to deliver personalized retirement planning and managed accounts to individual investors through workplace retirement plans and individual retirement accounts, Goldman Sachs said.
Investing in the delivery of solutions for the growing DC market is a core focus for Goldman Sachs Asset Management, according to the firm. The NextCapital acquisition augments the firm's existing asset management capabilities and workplace and wealth management solutions, providing more tools for sponsors and other clients to consider when constructing retirement programs.
Goldman Sachs had $2.5 trillion in assets under supervision globally as of June 30, it said.
Raymond James Launches 'Tech Savvy' Education Program
Raymond James has introduced a new education offering called Tech Savvy that it said offers advisors advanced training on integrated practice management technology.
The initiative is the latest addition to the firm's established technology education program, according to David Lillis, vice president, technology at Raymond James.
The program's goal is to "empower advisors with the knowledge and practical skills they need to leverage technology efficiently to run their practice, anticipate client needs and deliver exceptional service," Lillis said in announcing Tech Savvy on Monday.
"This is a relationship business at its core, and our technology supports advisors and their teams as they establish new connections and strengthen existing client relationships," Lillis added.
The technology education program is made up of multiple tracks and provides training on foundational technology via the adoption of new applications and enhancements, according to Raymond James.
Tech Savvy's virtual sessions, hosted by live tech consultants and recorded for later replays, are being developed to help advisors master targeted areas of practice technology, the firm said. The courses are "highly interactive and encourage hands-on practical application throughout," it noted.
In addition to Tech Savvy, the firm's technology education series also includes:
- Tech Essentials: Live virtual sessions providing a strong technology foundation to simplify work and boost productivity.
- Tech Forward: Live virtual sessions that build on an existing technology foundation to enhance productivity and strengthen client relationships.
- Tech Orientation: A self-paced, self-guided orientation program that introduces advisors to Raymond James technologies that it says are crucial for daily management.
- Tech Power Up: Monthly updates on the latest Raymond James tech enhancements and practice management tools to optimize business practices.
The company now has about 8,600 financial advisors who handle client assets of $1.19 trillion, it said.
