From the Desk of Goldman Sachs Select: Flew the Coop
From The Desk Of is a series that profiles real advisors solving problems for their clients using GS Select.
Many financial advisors make the decision to become registered independent advisors. It’s exciting and freeing but can also come with baggage, including existing secured loans and related complexities.
We recently heard a story about an advisor who was ready to go independent. He had planned diligently and his clients were on board because they trusted him and wanted to maintain their relationships. One snag: a few clients had outstanding securities-based lines of credit. These outstanding liabilities needed to be carefully addressed before the advisor was able to move his business.
The fix? GS Select’s dedicated Transitions Team held meetings with the advisor to show how the existing lines of credit would be refinanced, including how rates were matched and how GS Select’s lending experts would guide the advisor and client through each step of the process. The advisor reviewed GS Select’s digital platform, which provided transparency about application and loan details for each client. This helped the advisor make an easy transition, without impacting his clients’ experience. The advisor’s business is now in full stride, allowing him more control over his strategy and his clients’ wealth goals.
- If you and your team are looking to fly the coop the GS Select Transitions Team can help with the following:
- Support for Recruiters, Business Development officers and Transitions specialists when securities-based lines of credit are part of an advisor’s book of business
- Assessing competitive pricing for refinances
- Transition loan package preparation
- On-site and over-the-phone coordination of the refinance process
- Payoff and termination of the existing line of credit at the old institution
Interested? Learn More.
GS Select is currently available to tens of thousands of financial advisors working in RIAs and Independent Broker-Dealers across the country. GS Select builds upon the extensive lending expertise of Goldman Sachs’ Private Bank and offers digital securities-based lines of credit as a liquidity source.
Goldman Sachs does not provide legal, tax or account advice. Any statement concerning U.S. tax matters is not intended or written to be used and cannot be used for the purpose of avoiding penalties imposed on the relevant taxpayer. The taxpayer should obtain their own independent tax advice based on their particular circumstances, including potential tax implications of various lending solutions such as whether interest is deductible.Loans are offered by the Salt Lake City branch of Goldman Sachs Bank USA (GS Bank), a New York State-chartered bank and a wholly-owned subsidiary of The Goldman Sachs Group,Inc. GS Bank is a member of the Federal Reserve System and Member FDIC. Goldman Sachs Private Bank Select is a business of GS Bank. Securities based loans may not be suitable forall loan parties (e.g., borrowers, pledgors, and guarantors) and carry a number of risks, including but not limited to the risk of a market downturn, tax implications if pledged securities are liquidated, and the potential increase in interest rates. If the value of pledged securities drops below certain levels, loan parties may be required to pay down the loan and/or pledge additional securities. The risks are described in the Product Guide and FAQs available upon request. You should consider these risks and whether a securities based loan is suitable before proceeding.This is not a commitment to lend. Credit qualification and collateral are subject to approval. Additional terms and conditions would apply. Products, rates, qualifications, and terms and conditions are subject to change in GS Bank’s sole discretion and without notice.Goldman Sachs Private Bank Select is a registered trademark of Goldman Sachs & Co. LLC.