A breakaway team from Merrill Lynch with more than $1 billion in assets under management has launched Beverly Hills Private Wealth, an independent financial advisor operating under the custodial arm of Goldman Sachs.
The firm, founded by industry veterans Scott Shagrin, a certified financial planner; certified investment analyst Ira Ravitz; and chartered financial consultant Lisa Weiner, announced Oct. 7 as its official first day in operation, according to a news release published the same day. The trio collectively managed more than $1 billion in assets prior to their departure from Merrill Lynch.
In a statement accompanying the news release, Ravitz said the launch was a natural evolution to meet the needs of today’s investors.
“Launching Beverly Hills Private Wealth lets us evolve along with our clients without the constraints found at traditional large wirehouses. We work with a diverse group of clients, from business owners to those in the entertainment industry to familial wealth passed down through multi-generational relationships,” Ravitz said in a statement.
“There is no one-size-fits-all plan or formula that could meet the goals of such different people. Now, there is a world of possibility open to our clients. We had a great run at Merrill, but it is time for the next chapter. Not just for us, but for our clients. And the future looks very bright,” he added.
The firm said it selected Goldman Sachs Advisor Solutions for custodial services “and to support their exceptional client experience,” adding that through its “relationship with Goldman Sachs, Beverly Hills Private Wealth will be able to provide their clients with sophisticated wealth management solutions backed by a highly respected brand in the marketplace.”
“Our goal is to offer advisors the best of both worlds – the freedom to operate as an independent RIA and the ability to access institutional-grade products and services,” Bill Dalton, head of new nusiness at Goldman Sachs Advisor Solutios, said in a statement.
“Beverly Hills Private Wealth’s commitment to their clients and building an enduring business is aligned with our vision and goals. We are excited to unlock new possibilities together.”
Ravitz declined to provide additional comment to the Business Journal.
As the name implies, the firm will operate out of Beverly Hills, and will leverage “decades of combined experience to empower successful individuals and multi-generational families to achieve their goals” through tailored planning, investment management, tax planning, and risk management.
