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The Move

Goldman COO John Waldron could become chief executive in January, RIABiz says

RIABiz, citing press reports, says Waldron oversaw the Folio Institutional acquisition and the Creative Planning custody deal.

At a glance

20-second brief
  • Goldman Sachs president and chief operating officer John Waldron could replace David Solomon as chief executive as early as January, according to press reports cited by RIABiz.

  • As COO, Waldron oversaw the 2020 acquisition of Folio Institutional, which became the core of Goldman's RIA custody unit.

  • One relationship outlasted the strategy changes: Waldron oversaw the custody deal with Peter Mallouk's Creative Planning in July 2023.

Goldman Sachs president and chief operating officer John Waldron could replace David Solomon as chief executive as early as January, according to press reports cited by RIABiz. For advisors, the relevant part of his résumé is the RIA custody business he helped assemble.

As COO, Waldron oversaw the 2020 acquisition of Folio Institutional, which became the core of Goldman's RIA custody unit. He also bought United Capital and placed it inside in-house RIA Ayco, and developed a wealth division. RIABiz describes him as shaping up to be the firm's most RIA-friendly and RIA-fluent chief executive.

Solomon later divested United Capital and folded the division back into Goldman Sachs Asset Management, which RIABiz characterizes as killing off much of that RIA creation.

Waldron also acted as a sounding board for partners and executives unhappy about Goldman's now-dropped push to become a retail force, including its brief ownership of United Capital, The Wall Street Journal reports. As COO he oversaw restructurings that included Ayco and the United Capital sale in late 2023.

One relationship outlasted the strategy changes: Waldron oversaw the custody deal with Peter Mallouk's Creative Planning in July 2023. "We share the same vision," Waldron said after the deal. RIABiz reports the custody unit is starting to look stable and promising, partly because RIAs appear keen to use high-margin GSAM products.

For advisors comparing custodians, the open questions are whether the unit keeps RIA-facing arrangements such as Creative Planning and whether GSAM products stay central to the pitch. The succession reporting describes a possibility, not an announced transition. A fund manager reaching into the RIA channel raises the question of whether the platform owner competes with the firms it serves.

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Sources & further reading
RIABiz · The Wall Street Journal (cited via RIABiz)
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