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We may act as an investment adviser or as a broker-dealer depending on our relationship with you, and may act as both for some clients. Our role and obligations will vary depending on the capacity in which we act. Where we act as an investment adviser, our primary role is to give advice, help you manage your investments or help you hire another adviser to do so. Where we act as a broker, our primary role is to execute trades for you based on your instructions and any advice we give you is incidental to our brokerage services. How we are compensated by you (and sometimes by issuers or managers of investments who compensate us based on what you buy) and how your Private Wealth Advisor is compensated will vary depending on whether you have an advisory or brokerage account and on the investments we or you make in your account, and may change over time. Please ask us questions to make sure you understand your rights and our obligations to you, the difference between advisory and brokerage accounts and / or how we are compensated based on the capacity in which we act. We are part of a full-service, integrated investment banking, investment management, and brokerage firm. 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The Investment Strategy Group (ISG) in the Goldman Sachs Investment Management Division has developed a new approach to strategic asset allocation, which leverages the idea that long-term investment returns derive from multiple distinct sources called “return-generating factors.” This multi-factor approach is designed to help investors better understand the key sources of long-term return across asset classes and to increase the precision of long-term risk and return estimates. 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