Goldman enters RIA referral market with two mega-RIAs and ties to Hightower CEO

A long-anticipated client referral program is being rolled out by Goldman Sachs, with mega-RIAs Mercer and Wealth Enhancement being among the first to join the program. 

Regulatory filings dated in late-2025 from both Mercer and Wealth Enhancement detail their participation in Goldman Sachs Ayco, with the RIAs paying a fee to Goldman Sachs to be sent referrals from its Ayco division that serves corporate executives. Both Mercer and Wealth Enhancement are existing members of Schwab Advisor Network and Fidelity Wealth Advisor Solutions, the two leading RIA referral programs that Goldman Sachs aims to compete with.

“We can confirm that we’ve entered into a new referral relationship with Goldman Sachs Ayco,” a Wealth Enhancement spokesperson told InvestmentNews. “We look forward to serving additional clients through this program while continuing to maintain strong relationships with our existing referral partners. This partnership also underscores Wealth Enhancement’s commitment to providing our advisors with access to diversified growth channels."

Goldman Sachs declined to comment on its new Ayco referral program. A Mercer spokesperson commented “our arrangement with Goldman Sachs is similar to how we work with other firms and follows standard market practices,” in response to a question about fees associated with Ayco. Citywire first reported the news of Wealth Enhancement and Mercer joining Goldman Sachs Ayco. 

“Mercer Advisors has a long track record of supporting new programs that have entered the market, such as E*Trade and TD Ameritrade in the past. We are privileged to work with Goldman Sachs as part of this new program,” a Mercer spokesperson told InvestmentNews. 

Regulatory filings from Mercer and Wealth Enhancement show they pay Fidelity a 0.10% fee on referred client’s assets classified as fixed income and 0.25% for all other referred assets. Those fees, which are paid each year the client stays at the RIA, are in addition to the $50,000 annual WAS participation fee paid to Fidelity.

“Our teams are committed to supporting the AYCO business in making independent fiduciary advice available to a broader range of the corporate professionals they support,” said Mercer. “This is consistent with our firm's mission of making family office support available to a wide spectrum of families.”

Ayco, which was acquired by Goldman Sachs in 2003, merged with Goldman’s Private Wealth Management unit in 2024 to become a consolidated family office services platform offered by Goldman. The former CEO of Ayco is Larry Restieri, who became CEO of the Chicago-based mega-RIA Hightower Advisors in 2025 after working at Goldman Sachs since 2000.

"We welcome innovation in referral programs and believe platforms like these can play a meaningful role in helping advisors and firms connect to clients and assist them with their financial goals,” Restieri said in a statement to InvestmentNews.

Hightower takes part in both Schwab and Fidelity’s referral programs per March 2025 regulatory filing. Restieri’s statement does not indicate that Hightower has joined Goldman Sachs Ayco, but frames the program as a welcome addition to the referral market.

“Hightower has long participated in many industry-leading referral ecosystems and continues to see their value," added Restieri. "We view referral programs as just one component of a broader, multi-channel growth strategy that also includes organic advisor growth, strategic acquisitions, and sustained investment in our platform and brand.” 

Hightower, Mercer and Wealth Enhancement all rank within the top 10 of Barron's Top 100 RIAs of 2025 list. Hightower manages $325 billion in client assets, while Wealth Enhancement manages about $133 billion and Mercer sits around $90 billion in client assets.

Both Mercer and Wealth Enhancement have existing banking relationships with Goldman Sachs, in which clients from the RIAs are referred to Goldman’s teams that offer lending and deposit products. Mercer and Wealth Enhancement receive referral fees from Goldman Sachs based on client deposits in Goldman Sachs Select deposit products, according to regulatory disclosures.