"We want to assure consumers that they are dealing with only the best," he said. "The goal is to show consumers why independent advice is better."
Goldman feels there is no conflict with two firms that might be located near each other both being Advizent members.
"Any independent advisor will tell you they are not competing against each other. They are competing against the wirehouses and banks. We want to help them differentiate themselves from the larger entities," he said.
Goldman said the partners feel confident Advizent can be successful based on the interest exhibited so far. The idea was only introduced in the spring and advisors, custodians and asset managers have shown a great deal of enthusiasm in the concept, he said.
"The advisors who have signed up have signed contracts; they have not just said this is a good idea," he said. The tagline for the new company is to make independent advisors "prominent, powerful and principled."
Goldman and Lockshin are financing the project themselves, but they said they may look for other investors in the future. Goldman is devoting most of his time to the new firm, which is headquartered in Boulder, Colo.
The two hope Advizent will become an umbrella brand for the best RIAs and will provide a way for consumers to hook up with them. Firms will continue to use their own names and will remain independent but will also use the Advizent name and logo.
The founding partners are both highly successful in their own right. Lockshin, 45, founded Convergent Wealth Advisors in Potomac, Md., and Los Angeles, which has $10 billion of AUM. He previously founded Fortigent LLC, which was recently sold to LPL.
Goldman, 50, headed the RIA custody units of both Charles Schwab & Co. and Fidelity Investments, which have combined assets of $1 billion of assets in custody for 10,000 advisory firms. He is still consulting for large RIA firms out of Boulder.
-Karen DeMasters