• Goldman Sachs creates consumer & wealth management arm.
  • UBS cuts up to 500 jobs in wealth management shake-up.
  • Asset-Map announces integration with Black Diamond.
  • BBVA Wealth Solutions, Inc. names Jorge Unda its Chief Investment Officer.
  • LPL makes MoneyGuide available in ClientWorks.


Goldman Sachs
US banking giant Goldman Sachs restructured its global business to create a new consumer and wealth management arm. Up until now, it was divided into four business segments: investment banking, institutional client services, investing & lending and investment management.

UBS Group AG will cut up to 500 jobs, according to a person familiar with the matter, stripping out layers of bureaucracy in its wealth management arm as it attempts to cut costs and keep its edge as bank to the world’s rich.

In an internal memo reviewed Tuesday by The Wall Street Journal, wealth management co-heads Iqbal Khan and Tom Naratil said that up to three layers of management would be removed in some areas to try to give managers greater powers in attracting and servicing clients. Financing and trading operations for wealth clients will move to UBS’s investment bank.

Asset-Map, a Philadelphia-based financial technology company, announced a new integration with SS&C Advent’s Black Diamond Wealth Platform to streamline productivity for advisors using each platform and to simplify the transfer of data to Asset-Map.

Asset-Map will integrate with the relationship timeline feature in Black Diamond’s Client Experience (CX) portal. Advisors using both systems can share Asset-Maps with clients on the relationship timeline web feed, which documents fundamental advisor-client interactions.

BBVA USA has appointed Jorge Unda as chief investment officer of its asset management units. In his new role, Unda will be responsible for overseeing the asset management functions of both the bank’s Asset Management & Trust division and those of BBVA Wealth Solutions, Inc., a registered investment adviser affiliate of the bank.

LPL Financial
LPL Financial is doubling down on its bet about the importance of financial planning. The firm is announcing Thursday that Envestnet MoneyGuide is the latest integration with the independent broker/dealer’s ClientWorks Connected platform. MoneyGuide will be the third financial planning tool available on ClientWorks, alongside its own free application called Client Goals and an offering from eMoney.

LPL advisors could use MoneyGuide previously; in fact, the technology has been part of LPL’s Vendor Affinity Program since 2015—but this will provide a deeper integration for the 1,450 advisors who currently use the software.

Vasyl Soloshchuk is CEO and co-owner at INSART, FinTech engineering company. Vasyl is also the author of WealthTech Club, which conducts research into Fortune and Startup Robo-advisor and Wealth Management companies in terms of the technology ecosystem.