Goldman Sachs Ayco

Ayco is embedded in the corporate benefits channel — employers engage the firm to provide financial counseling to their executives and high-potential employees, often at no cost to the employee. Private wealth management targets ultra-high-net-worth individuals and families directly, with a minimum asset threshold. Ayco's relationship typically begins with the employer, not the individual's balance sheet.

Ayco advisors provide personalized financial planning and investment guidance; the underlying investment products and managed account platforms draw from Goldman Sachs Asset Management and external managers. Larry Restieri oversees the Ayco unit as its head, reporting into Goldman's Consumer and Wealth Management division (per Goldman Sachs, 2019).

Yes, Goldman Sachs Ayco is structured as a registered investment advisor under Goldman Sachs & Co. LLC, which is registered with the SEC. The firm provides fiduciary financial planning and investment advisory services, distinct from brokerage-only relationships.

Ayco's core offering is holistic financial counseling: income tax preparation and planning, estate and trust planning, equity compensation analysis, insurance reviews, and retirement readiness. The model is designed around life events — IPO lockup expirations, deferred compensation elections, and career transitions — where tax consequences are the dominant concern.

Ayco does not source individual clients through retail marketing. The firm contracts with corporations that offer Ayco as an executive benefit, typically to senior vice presidents and above. This creates a B2B-to-B2C distribution model where the corporate relationship is the moat — switching costs are high once Ayco is integrated into a company's benefits stack.

Ayco operates under a fiduciary standard and discloses its affiliation with Goldman Sachs. Advisors can recommend third-party investment products alongside Goldman Sachs funds. The firm's value proposition rests on tax planning and financial education; asset management is one component of a broader counseling engagement, though the Goldman affiliation creates an inherent product shelf dynamic.