Goldman Sachs Private Bank Provides Online Lending Capabilities to LPL Financial Advisors
NEW YORK, NY – March 20, 2018 – Goldman Sachs is pleased to announce that LPL Financial (LPL) advisors can now help their clients borrow money for life events like paying for home renovations, education or travel by using Goldman Sachs Private Bank Select® (GS Select). With more than 15,000 advisors, LPL is one of the largest independent investment advisory firms to join the GS Select program, which currently supports 40 independent advisor firms and broker/dealers.
GS Select is a high-tech platform backed by high-touch service. For suitable clients, it can cut the wait time for obtaining a non-purpose securities-based loan from Goldman Sachs Bank USA (GS Bank) to days from several weeks with no fees or paper to push. Advisors can track the status of each loan in real time, and a team of dedicated GS Select lending specialists is available to help advisors understand GS Select and monitor the loan process.
“LPL’s advisors will be able to expand their relationships with clients by helping them manage their borrowing needs as efficiently as they manage their investments,” said Andrew Kaiser, head of the Goldman Sachs Private Bank. “We are growing GS Select to be the premier banking services provider in the independent financial advisor market.”
Clients can borrow between $75k and $25mm against the value of their accounts to avoid liquidating investments and stay invested. The loans can be used for any purpose other than for reinvestment in marketable securities.
Kirby Horan, LPL executive vice president, said, “We are committed to providing advisors with access to products and resources that enable choice and enhance the service and value they can deliver to their clients. Offering our advisors a program like GS Select is one more way LPL is making it easier for advisors to manage their businesses.”
GS Select builds upon LPL’s 20-year relationship with Goldman Sachs, which now offers both investment and liquidity tools to LPL advisors and their clients. GS Select was launched as part of Goldman Sachs’ broader strategic initiative to expand its banking and lending presence. GS Select loans are originated by GS Bank and are collateralized by investment portfolios held by borrowers at the partner firms.
GS Bank is a New York State–chartered bank and a wholly-owned subsidiary of The Goldman Sachs Group, Inc. GS Bank is a member of the Federal Reserve System and Member FDIC. Goldman Sachs Private Bank Select is a business of GS Bank.
Goldman Sachs does not provide legal, tax or accounting advice. Any statement concerning U.S. tax matters is not intended or written to be used and cannot be used for the purpose of avoiding penalties imposed on the relevant taxpayer. The taxpayer should obtain their own independent tax advice based on their particular circumstances. Securities based loans may not be suitable for all loan parties (e.g., borrowers, pledgors, and guarantors) and carry a number of risks, including but not limited to the risk of a market downturn, tax implications if pledged securities are liquidated, and the potential increase in interest rates. If the value of pledged securities drops below certain levels, loan parties may be required to pay down the loan and/or pledge additional securities. The risks are described in the Product Guide and FAQs available upon request. You should consider these risks and whether a securities based loan is suitable before proceeding.
Credit qualification and collateral are subject to approval. Additional terms and conditions would apply. Products, rates, qualifications, and terms and conditions are subject to change in GS Bank's sole discretion and without notice. Loans are offered by the Salt Lake City branch of Goldman Sachs Bank USA (GS Bank), a New York State–chartered bank and a wholly-owned subsidiary of The Goldman Sachs Group, Inc. GS Bank is a member of the Federal Reserve System and Member FDIC. Goldman Sachs Private Bank Select is a business of GS Bank.
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