Wirehouse expands family office platform as client needs evolve

As the needs of ultra-rich individuals and families continue to evolve, one of the biggest names on Wall Street has made some changes to its family office solutions.

Goldman Sachs has combined its Ayco and Private Wealth Management family office offerings into a single platform, bringing together decades of experience in providing an advisor-led outsourced family office.

The firm’s research has identified a shift in demand from clients towards greater personalization of services and this includes wealth management that aligns with that of a family office but without the responsibility of running their own.

The unified solution will be led by Stacy Mullaney, global head of the Goldman Sachs Family Office.

“We know our clients value the global network and deep resources of Goldman Sachs. By integrating our services into one platform, we can provide the scale and resources necessary to meet our clients’ increasing demand for holistic wealth management, along with the flexibility to meet different needs at different points in time,” said Mullaney. “This enhanced platform will provide a continuum of services and allow us to now say ‘we are your family office’ – whether that be targeted à la carte solutions or an advisor-led holistic solution.”

The platform includes Family Office Solutions, which offers à la carte services on either an ad-hoc or ongoing basis, led by Chris Gleason and leveraging third party fintech solutions to deliver a modern, digital offering.

For those that need full-service family office services, there’s The Private Family Office, led by Laura Carroll with services provided by Goldman Sachs Ayco.

“When we talk to our clients about whether or not to build a family office, three themes stand out: strong governance, flexibility to meet the needs of the extended family, and continuity. We are committed to delivering exceptional value and personalized support to meet our clients where and how they want to be served based on their unique and evolving needs, ensuring that families can effectively manage and grow their wealth across generations,” said John Mallory, co-head of global Private Wealth Management.