Joe Duran is stepping down as a Goldman Sachs companion and co-head of its Private Monetary Administration Group to grow to be a marketing consultant to the agency because it continues its effort to grow to be a  “holistic service supplier” for RIAs, the corporate mentioned Monday.

Marketing consultant is a “new, integral function” at Goldman “as we increase our firmwide efforts to serve the fast-growing RIA channel,” an organization spokesperson advised ThinkAdvisor. The information was first reported by InvestmentNews.

“He’s transitioning over the approaching weeks,” the spokesperson advised ThinkAdvisor, including Duran “will seek the advice of with GS on its complete providing for RIAs.”

Duran’s “entrepreneurial report mixed together with his data of the RIA {industry} is outstanding, and we sit up for benefiting from his expertise to finest serve the evolving wants of our purchasers,” she mentioned.

Duran will work with Padi Raphael, head of third-party distribution for Goldman Sachs Asset Administration and a companion on the agency, and different enterprise leaders on this initiative, the spokesperson mentioned.

They may “assist innovate options for the RIA {industry}, by harnessing the mixed energy of our key platforms serving advisor purchasers throughout the agency, together with Goldman Sachs Asset Administration, Goldman Sachs Advisor Providers, GS Choose and PIPG,” the spokesperson mentioned.

Duran joined Goldman as a companion in 2019, when the agency acquired the RIA United Capital for $750 million in money.

Since then, Duran has been “instrumental in integrating the PFM enterprise into the agency,” the spokesperson mentioned. The PFM Group consists of Ayco and PFM.

“We all know that our advisor purchasers wish to construct deeper relationships with their purchasers, and organizations like ours may help them to satisfy their complicated and holistic wants, together with with money options, lending, digitally enabled custody, and differentiated funding alternatives notably throughout non-public markets, in addition to by way of convening energy and industry-leading insights,” the spokesperson mentioned.

“Goldman Sachs uniquely has developed all of those capabilities and Joe is nicely positioned to assist us guarantee a seamless supply of those providers to the RIA {industry},” she defined.