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After co-founder Rob Foregger departs NextCapital, the CEO turns around and sells the company to Goldman Sachs, which calls it 'another tool'

The Chicago 401(k) robo-advisor became a ‘plug-in’ versus a ‘platform,’ relegating it to a guest role, a pragmatic move, yet, perhaps, diminishing its destiny.

Author Oisin Breen April 6, 2022 at 4:48 AM
1 Comment
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David Solomon likes wealth management for its steady and predictable fees, and he's willing to pay transaction fees to get them.

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Technology


Brian Murphy

Brian Murphy

April 6, 2022 — 7:25 PM
Another company that never quite figured it out. The path to changing the industry and a successful business model in Wealth Technology is NOT B2B. Only way into the big leagues (ie. a sustainable, competitive business) is delivering a B2C experience that competes against the current AUM model and isn't tied to any particular custodian. Rethink what end users need and deliver that...period.

Related Moves

November 2, 2022 at 3:27 AM

Goldman Sachs fought the squid, but the squid won as CEO David Solomon puts the United Capital-Ayco RIA back under the control of house asset managers

Solomon acknowledges he's largely reunifying wealth management and asset management to regain synergies after trying to give the in-house RIA agency.

November 1, 2022 at 4:03 AM

Goldman Sachs RIA custodian delayed indefinitely, as 'technical details' bedevil launch date

The clock is ticking on the New York City investment bank's strategic imperative to strike while TD Ameritrade and Schwab merge, but Goldman may be facing similar obstacles combining with Folio Institutional.

March 16, 2022 at 2:47 AM

Oisín's Bits: Betterment now a robo roll-up with Canadian IPO as catalyst • Insurers risk regulation for COVID-19 coverage delays • Vanguard shifts Asia focus to China's vast mom-pop retail market

Betterment rolls up a robo • The CFA warns insurers over COVID-19 life polices • Vanguard names Chinese fund head to pursue $6 trillion market.

March 5, 2021 at 1:16 AM

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