Joe Duran is stepping down as a Goldman Sachs partner and co-head of its Personal Financial Management Group to become a consultant to the firm as it continues its effort to become a "holistic service provider" for RIAs, the company said Monday.
Consultant is a "new, integral role" at Goldman "as we augment our firmwide efforts to serve the fast-growing RIA channel," a company spokesperson told ThinkAdvisor. The news was first reported by InvestmentNews.
"He is transitioning over the coming weeks," the spokesperson explained, adding Duran "will consult with GS on its entire offering for RIAs."
Duran's "entrepreneurial record combined with his knowledge of the RIA industry is exceptional, and we look forward to benefiting from his experience to best serve the evolving needs of our clients," she said.
Duran will work with Padi Raphael, head of third-party distribution for Goldman Sachs Asset Management and a partner at the firm, and other business leaders on this initiative, the spokesperson said.
They will "help innovate solutions for the RIA industry, by harnessing the combined power of our key platforms serving advisor clients across the firm, including Goldman Sachs Asset Management, Goldman Sachs Advisor Services, GS Select and PIPG," the spokesperson said.
Duran joined Goldman as a partner in 2019, when the firm acquired the RIA United Capital for $750 million in cash. In 2021, he became a judge for ThinkAdvisor's industry recognition program, the LUMINARIES.
For the past several years, Duran has been "instrumental in integrating the PFM business into the firm," the spokesperson said. The PFM Group includes Ayco and PFM.
"We know that our advisor clients want to build deeper relationships with their clients, and organizations like ours can help them to meet their complex and holistic needs, including with cash solutions, lending, digitally enabled custody, and differentiated investment opportunities particularly across private markets, as well as through convening power and industry-leading insights," the spokesperson said.
"Goldman Sachs uniquely has developed all of these capabilities and Joe is well positioned to help us ensure a seamless delivery of these services to the RIA industry," she explained.
