Key facts
- Goldman Sachs' latest private wealth advisor training class, with over 120 participants, is its largest ever.
- The new advisor class is 30% larger than the previous year's.
- The training program includes financial product knowledge and soft skills like relationship-building.
- Goldman Sachs expects AI to create more ultra-wealthy individuals.
- New advisors apprentice with experienced private wealth advisors after completing the initial training.
Goldman Sachs is expanding its private wealth advisor team, bringing in its largest-ever class of over 120 new advisors for a four-week intensive training program. This move underscores the bank's belief in the enduring importance of human advisors, even as artificial intelligence becomes more capable of handling certain financial tasks. The program, which ran from late July to mid-August, focuses not only on financial products and platforms but also heavily on the soft skills necessary for building and maintaining long-term relationships with ultra-high-net-worth clients.
John Mallory, global co-head of Wealth Management, emphasized that managing significant fortunes requires navigating complex family dynamics and personal preferences, a task that demands a "very human touch." He noted that many clients have been with Goldman Sachs for over a decade, highlighting the value of established trust and rapport. The training aims to equip new advisors to engage with multiple generations of decision-makers, each with potentially different priorities.
Goldman Sachs COO John Waldron sees private wealth management as a key growth area, anticipating that AI will contribute to the creation of more wealth. The bank plans to continue hiring advisors, recognizing that relationship-building is a long-term endeavor. The training curriculum includes learning the fundamentals of wealth advisory, Goldman's financial tools, and practical application through mock client calls and portfolio analysis. A significant portion of the final week is dedicated to business development and client interaction.
New advisor Whitney Pigott, who previously held finance roles at Amazon, drew parallels between explaining complex subjects to senior leaders and communicating with clients who have varying levels of desired detail. After the initial four-week boot camp, new advisors join a "host team" and continue their training throughout the year, accumulating 250 hours in their first year. The program also incorporates generative AI tools like GS Assistant, which advisors use to research and contextualize complex financial strategies, helping clients ask more informed questions.