Dynasty Financial Partners has announced a new custodial partnership with Goldman Sachs Custody Solutions, adding the Wall Street firm to its roster of preferred custodians for its independent RIA network.
The move brings Goldman Sachs’ custodial platform, asset management, and lending services into Dynasty’s integrated offering for advisors, further expanding Dynasty’s resources across custody, capital markets, and technology.
“Goldman Sachs is one of the premier global brands in financial services,” Shirl Penney, founder and chief executive of Dynasty Financial Partners, said in a statement Wednesday morning. “By integrating Goldman Sachs' custodial services, asset management, lending, and capital markets expertise into Dynasty’s full suite offering for RIAs, we are significantly enhancing the breadth and quality of services available to our network of independent advisors.”
The two firms have collaborated on technology that connects Goldman Sachs Custody Solutions with Dynasty’s turnkey asset management platform. On top of streamlining operations for partner firms, Dynasty and GSCS will have dedicated transitions teams focusing on custody, trading, TAMP, and billing solutions.
More broadly, Dynasty said its partnership with Goldman will enhance its asset management, investment banking, and lending services for advisors.
The independent RIA platform provider said its decision to bring on GSCS reflects its broader effort to align with institutional-grade providers while offering choice and flexibility to its network. The firm currently supports 57 partner firms, representing more than 500 advisors and over $105 billion in platform assets.
The addition of Goldman Sachs’ platform is also intended to enhance Dynasty’s services in asset management, investment banking, and lending, the company said. That combination, according to Dynasty, is aimed at delivering what it describes as more comprehensive support for independent advisors.
The partnership marks a major stride in Goldman's push to become a major player in the RIA custody space, which has traditionally been dominated by Schwab, Fidelity, and Pershing.
Goldman Sachs first made overtures in May 2020 with its announced acquisition of Folio Financial, a platform known for providing clearing and custody services to independent wealth firms. In June 2021, Steward Partners Global Advisory signed Goldman Sachs on as a custodian, making it the first large-scale firm to do so.
Momentum continued in May 2023, when Goldman Sachs Advisor Solutions announced a partnership with Prime Capital Investment Advisors, followed shortly by a July win with Creative Planning.
Goldman gained even more ground last September, when GSCS confirmed it would be a select custodian for NewEdge Wealth and NewEdge Advisors.
The group led by a 37-year industry veteran brings $470 million in assets to the Philadelphia-based broker dealer.
The Atlanta, Georgia-based national wealth firm revealed its new PE partner as prior backers Wealth Partners Capital Group and HGGC’s Aspire Holdings exited their investments.
The latest departures in Ohio mark another setback for the hybrid RIA, which is looking to "expanding its presence across all models and segments of the wealth management industry.”
The St. Louis-based real estate investment firm gives the asset management giant a valuable access point to the roughly $1 trillion net lease market.
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
