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United Capital Financial Advisers Review

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This review was produced by SmartAsset based on publicly available information. The named firm and its financial professionals have not reviewed, approved, or endorsed this review and are not responsible for its accuracy. Review content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named firm and its financial professionals, and firms and financial professionals having business relationships with SmartAsset receive no special treatment or consideration in SmartAsset’s reviews. This page contains links to SmartAsset’s financial advisor matching tool, which may or may not match you with the firm mentioned in this review or its financial professionals.

Goldman Sachs Personal Financial Management

Headquartered in Newport Beach, California, Goldman Sachs Personal Financial Management provides a national client base with wealth counseling and investment advisory services. It also supports its thousands of clients with a suite of technological tools and platforms designed to help them reach and maintain financial wellness. 

Goldman Sachs Personal Financial Management advisors are responsible for more than $17 billion in assets under management (AUM). The firm was previously known as United Capital Financial Advisers.

As a fee-based firm, representatives of Goldman Sachs Personal Financial Management may earn commissions or other compensation for selling or recommending certain products and services to clients, in addition to the advisory fees that clients pay. This is different from a fee-only firm, whose revenue comes solely from client-paid fees, not third-party commissions. 

Goldman Sachs Personal Financial Management Background

Goldman Sachs Personal Financial Management has been offering its services as a registered investment advisor (RIA) since 2005. Though it's owned by The Goldman Sachs Group and conducts business as Goldman Sachs Personal Financial Management, the firm's legal name remains United Capital Financial Advisors, LLC.

Joe Duran, the firm's founder, previously sold his former company, Centurian Capital, to General Electric. Duran, a chartered financial analyst (CFA), continues to lead the Goldman Sachs Personal Financial Management executive team.

Goldman Sachs Personal Financial Management Client Types and Minimum Account Sizes

Goldman Sachs Personal Financial Management serves individuals, high-net-worth individuals, pension and profit-sharing plans, corporations and charitable institutions. The firm generally works with clients who have at least $500,000 in household assets.

Services Offered by Goldman Sachs Personal Financial Management 

Advisors with Goldman Sachs may help people meet various financial goals including:

  • Cash flow management
  • Investment management recommendations for 401(k) and 403(b) plans
  • Retirement planning
  • Insurance needs analysis
  • Education planning through 529 plans
  • Estate planning
  • Tax planning (not including tax preparation and filing)
  • Divorce planning

The firm’s advisors can also design and continuously manage investment portfolios tailored to the client’s individual risk tolerance, tax situation and investment goals. With the InvestmentViewfinder platform, clients can visualize how their investment preferences may affect their portfolios.

Goldman Sachs Personal Financial Management advisors also can provide clients with asset-allocation recommendations, net-worth summaries, portfolio snapshots and more. They regularly meet with clients to evaluate their financial plans and help them know if they are on the right track or need to make adjustments. 

Goldman Sachs Personal Financial Management Investment Philosophy

Goldman Sachs Personal Financial Management generally believes in investing for the long term. However, it may implement short-term strategies if it deems them appropriate to help the client meet personal objectives. 

Meanwhile, the Goldman Sachs Private Wealth Management Investment Strategy Group informs both strategic and tactical asset allocation decisions for the firm's clients. A risk management team also monitors investment risk and individual clients' investment exposures. 

Fees Under Goldman Sachs Personal Financial Management

For financial planning services, Goldman Sachs Personal Financial Management typically charges between $2,500 and $55,000 per year for its Financial Guidance offering, which typically includes a goals assessment, retirement, cash flow, cash management, investment and insurance planning. Meanwhile the firm charges between $2,500 and $5,000 per year for its Financial Management service designed to assist clients in developing personal financial plans. 

Investment advisory fees are negotiable but are usually charged as a percentage of assets under management (AUM). While the firm does not publish its fee schedule for investment advisory services, these fees will not exceed 1.50% of a client's assets under management. 

What to Watch Out For

According to Goldman Sachs Personal Financial Management's Form ADV, the firm has several past disclosures of legal and/or regulatory events that involved the firm itself or affiliates.

In 2020, the firm's parent company paid a $400 million civil penalty and over $600 million in restitution after the SEC alleged the Goldman Sachs Group "failed to reasonably maintain a sufficient system of internal accounting controls between 2012 and 2015 with respect to the process by which it reviewed and approved the commitment of firm capital in large, significant and complex transitions..."

As a part of Goldman Sachs, the firm is affiliated with a number of other financial services entities, including insurance agencies. These affiliations may present conflicts of interest, as advisors may earn commissions or have an interest in recommending an affiliated product over others. That said, as a fiduciary registered with the SEC, Goldman Sachs Personal Financial Management is legally obligated to provide advice only in the best interests of the client.  

Tips for Finding the Right Financial Advisor

  • Finding a financial advisor doesn't need to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
  • Ask prospective advisors how much liability insurance they have. The right answer should cover how much you plan on putting in the advisor’s hands. So if they say $25,000 per incident and you have $50,000 to invest, that’s not enough coverage.

All information was accurate as of the writing of this article.

How Long $1mm Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology We analyzed data on average expenditures for seniors, cost of living and investment returns to determine how many years of retirement a $1 million nest egg would cover in cities across America.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research