How Joe Duran came to the US with $ 200 and sold a $ 750 million business to Goldman Sachs
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) ̵[ads1]1; sm" "type =" text "content =" "[United Capital] will serve as a cornerstone of our business that we perform on our long-term strategy to offer customers solutions across the nation," said David Solomon, CEO and CEO of Goldman Sachs in a statement . "United Capital will help accelerate this strategy by broadening its reach s reach. "" data-response time = "16"> "[United Capital] will serve as a cornerstone of our business that we perform on our long-term strategy to offer customers solutions across the nation," said David Solomon, CEO and CEO of Goldman Sachs in a statement "United Capital will help accelerate this strategy by expanding our reach."
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Joe Duran is the founder and CEO of United Capital, based in Newport Beach, California. He built his business to $ 25 billion in managed assets served by 220 financial advisors at 95 offices. Duran said he was thrilled with the deal.
<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "" In our own universe it has not really been a way to cooperate with Goldman, so this is a very exciting opportunity for us, "he said at The Ticker in his first live interview at Yahoo Finance." data-reactid = "19"> "In our own universe has not really been a way to work with Goldman, so this is a very exciting opportunity for us, "he told The Ticker in his first live interview at Yahoo Finance.
Goldman Sachs has traditionally been an investment bank, service institution, and people with very high net asset value. This pushed into the wealth management room signals an appetite for diversifying its assets and gaining access to a new market segment. It works well for Duran.
"They are the premier brand for 100 million or more. We are prominent brand for people with $ 1 million to $ 15 million," he says. "They have a desire to expand their reach and offer some of their services, their intelligence and IP to a market segment that they have not been able to access. "
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Duran grew up in war-torn Rhodesia, now Zimbabwe, and came to the United States at 18 with just 200 dollars in his pocket, he said his experience is why he focuses on the big picture when it comes to investing.
"Most of investing is a mental game, you can't do anything about what The market is doing, "said Duran." We are trying to remind people to focus on what you can control. "
He is sure he can double his business from $ 25 billion to $ 50 billion in assets under management for a relatively short period of time – within two to three years.
Much of United Capital's expansion is due to white-labeling of United Capital's "wealth management operating system", a digital platform that independent consultants use for portfolio management and financial planning. Now under the Goldman Sachs umbrella, it can now be expanded.
"Goldman has a reputation within his own walls. With Finlife we have a white marking of our platform that will expand and improve because of what Goldman brings to the table," he says. "I am very excited about what can happen with this unique combination. We can completely revolutionize the entire industry. "
President Donald Trump announced the raising of steel and aluminum tariffs for Canada and Mexico at the National Association of Realtors Legislative Meetings and Trade Expo on Friday, May 17, 2019 in Washington. (AP Photo / Alex Brandon)
