Ep 300: The Evolution Of The Advice Business At Scale And The True Power Of Brand With Joe Duran
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 27 September 2022
⏱️ 97 minutes
🧾️ Download transcript
Summary
Joe Duran is a Partner and Head of Goldman Sachs Personal Financial Management, a national wealth management firm within Goldman Sachs that oversees more than $100 billion in assets under advisement for tens of thousands of client households. In this episode, Joe shares how he witnessed firsthand how the financial services industry is evolving as more banks and brokerage firms are implementing advisory services, how the shift of national firms into the advisory business is leading them to reach the next generation of clients, and why he feels that independent advisors are underestimating the power of a brand.
Listen in as Joe shares why he made the big decision for United Capital to be acquired by Goldman Sachs, as well as why he feels that financial advisors are doing a disservice to themselves if they are not utilizing Fintech to develop more efficient processes. You will learn what he believes is the real threat to advisory firms, the importance of finding a way to differentiate yourself through more specialized service offerings, and why he thinks we do not need to fear robo-advisors.
For show notes and more visit: https://www.kitces.com/300
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with |
| 0:06.8 | financial planner, speaker, and consultant Michael Kitsis to hear stories of how leading |
| 0:12.1 | financial advisors navigated the inevitable challenges that arise on the path to success |
| 0:17.2 | and get insight from leading industry consultants about how to break through to the next |
| 0:21.9 | level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. |
| 0:28.3 | Welcome to the 300th episode of the Financial Advisor Success podcast. My guest on today's podcast is |
| 0:34.1 | Joe Duran. Joe is the partner and head of Goldman Sachs personal financial management, |
| 0:38.6 | a national wealth management firm within Goldman Sachs, which oversees more than a hundred |
| 0:42.6 | billion in assets under advisement for tens of thousands of client households. What to think about |
| 0:47.9 | Joe, though, is how he founded United Capital, built it to become one of the largest independent |
| 0:52.3 | wealth management firms in the country on a path to disrupt established incumbents, but ultimately decide to sell the firm to Goldman |
| 0:58.4 | Sachs in pursuit of the next level of national scale. And in the process, has been able to witness |
| 1:03.2 | firsthand the power of true economies of scale and a recognized national brand can bring to an |
| 1:09.1 | advisory firm's ability to grow. In this episode, we talk |
| 1:12.9 | in depth about how Joe is witnessed firsthand as an advisory firm owner and now a partner at a |
| 1:17.6 | leading global investment management firm, how the financial services industry is evolving in real |
| 1:22.3 | time as more banks and brokerage firms are truly adopting financial planning and implementing advisory |
| 1:27.0 | services at national scale and reach. How the strategic shift of national and brokerage firms are truly adopting financial planning and implementing advisory services |
| 1:27.6 | at national scale and reach. How the strategic shift of national firms into the advisory business |
| 1:33.4 | is leading them to engage in significant mergers and acquisitions into 401k plan providers |
| 1:38.2 | and stock plan administrators as a way to reach the next generation of clients during their working |
| 1:42.6 | years before independent advisor would ever get a chance to work with them when they're ready to retire. And why Joe feels |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Michael Kitces, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Michael Kitces and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.