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"I think we're in the early stages of the exponential part of the growth curve," Joe Duran, chief executive of Goldman Sachs Personal Financial Management , told Business Insider in a recent phone interview. "We're still learning how to do this." To that end, Duran has ambitious hiring plans over the next year. He said he would be making many outside hires, with other additions to come from internal transfers from the private wealth management unit or Ayco business, which offers financial advice to company executives.
"We have a very adaptable world," Duran said. "We just need to be geographically close. We don't need to be local. I suspect that will change. I certainly hope that will change." There were questions about how the two cultures would fit. In the interview, Duran put his business and Goldman's legacy franchise in terms of brand-name hotels. Goldman is like a Ritz-Carlton, for instance, with many professionals on staff serving each person paying for a room, he said. His business? A little different.
On a call Wednesday morning to discuss third-quarter earnings with analysts, Goldman's CEO said the relationship between PFM and the firm's ultra-high-net-worth clients had resulted in 700 referrals so far this year, representing an opportunity of more than $2.5 billion in assets.
Source: News Formal (newsformal.com)
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