{ "docId": "019dd923-5e88-73ef-bd5a-28c72cc9d740", "docSlug": "1b9c53be021f8188", "documentTitle": "asset and wealth management mn", "authorId": "GoldmanSachs", "authorName": "Goldman Sachs", "documentKindSlug": "consulting-deck", "documentKindLabel": "Consulting deck", "sourceTypeSlug": "equity_research", "sourceTypeLabel": "Equity research", "presentationDate": null, "orientation": "portrait", "aspectRatio": 0.773, "pageNumber": 132, "pageCount": 183, "prevPage": 131, "nextPage": 133, "slideType": "appendix_disclosure", "function": "other", "density": "overcrowded", "nDataPoints": 0, "notes": "Form ADV disclosure page 132.", "elementsJson": [ "paragraph" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-5e88-73ef-bd5a-28c72cc9d740/132", "deckHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740", "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740.json", "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740#slide-132", "components": [ { "bbox": { "h": 0.07, "w": 0.74, "x": 0.13, "y": 0.85 }, "kind": "paragraph", "text": "An Advisory Account will be required to establish business relationships with its counterparties based on its own credit standing. Goldman Sachs, including GSAM, will not have any obligation or other duty to allow its credit to be used in connection with an Advisory Account's establishment of its business relationships, nor is it expected that an Advisory Account's counterparties will rely on the credit of Goldman Sachs in evaluating the Advisory Account's creditworthiness.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "19901e58-d3c1-4e20-a4e5-8e4565e94f00", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.74, "x": 0.13, "y": 0.54 }, "kind": "paragraph", "text": "Also, where GSAM is retained as investment adviser under a Wrap Program, GSAM in certain cases has discretion to select broker-dealers to execute trades for the Wrap Program Advisory Accounts it manages. However, GSAM generally places such trades through the Sponsor because the wrap fee paid by each Wrap Program client typically only covers execution costs on trades executed through the Sponsor or its affiliates. In some cases, GSAM may determine that best execution may be sought through a broker-dealer other than the Sponsor, including potentially a Goldman Sachs affiliate. In other cases, GSAM Wrap Program clients may partially or fully fund a new Wrap Program Advisory Account with in-kind securities in which the Sponsor is restricted from trading, requiring GSAM to select a broker-dealer other than the Sponsor to trade such securities. If GSAM selects a broker-dealer other than the Sponsor or its affiliates to effect a trade for a Wrap Program account, any execution costs charged by that other broker-dealer typically will be paid as an additional cost by the client's account. GSAM generally does not monitor, evaluate or influence the nature and quality of the best execution and other services clients obtain from the Sponsors, its affiliates or other broker-dealers that execute trades for Wrap Program clients. To the extent that the Sponsor is an affiliate of GSAM, Goldman Sachs will benefit from increased order flow.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3a1c85d2-a053-4751-9a0c-93773a848f6a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.74, "x": 0.13, "y": 0.14 }, "kind": "paragraph", "text": "For Workplace Managed Account Services, the Plan Sponsor directs GSAM to use the recordkeeper, broker-dealer, and/or custodian selected by the Plan Sponsor. GSAM is not responsible for selecting, and does not make recommendations about the selection of, the recordkeeper, broker-dealer, or custodian with respect to Workplace Managed Account Services Enrolled Participants.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5d72a6c5-b488-4295-9ad1-424711ff2fdd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.74, "x": 0.13, "y": 0.22 }, "kind": "paragraph", "text": "To the extent that transactions are effected through broker-dealers, those broker-dealers, including Goldman Sachs, may have commercial interests in transactions that are adverse to Advisory Accounts, such as obtaining favorable commission rates, mark-ups and mark-downs, other commission equivalents and lending rates and arrangements. No accounting to Advisory Accounts will be required, and broker-dealers including Goldman Sachs will be entitled to retain all such fees and other amounts and no advisory fees or other compensation will be reduced thereby.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "99b2eefb-f210-4107-8d46-7547e399c4e4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.74, "x": 0.13, "y": 0.35 }, "kind": "paragraph", "text": "Where GSAM is retained as investment adviser under Wrap Programs sponsored by broker-dealers or other financial institutions, including GSAM's affiliates, GSAM does not negotiate on the client's behalf brokerage commissions for the execution of transactions in the client's account that are executed by or through the Sponsor. These commissions are generally included in the \"wrap\" fee charged by the Sponsor, although certain execution costs are typically not included in this fee and are, in certain cases, charged to the client (including but not limited to dealer spreads, certain dealer mark-ups or mark-downs on principal trades, fees and other expenses related to transactions in depository receipts, including fees associated with foreign ordinary conversion, creation fees charged by third parties and foreign tax charges, auction fees, fees charged by exchanges on a per transaction basis, other charges mandated by law, and certain other execution costs).", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "eb4db118-9589-4887-be1f-dd931343dc94", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.13, "y": 0.09 }, "kind": "title", "text": "Goldman Sachs Asset Management", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4bf56c29-d2c7-4325-adcf-54dc056aa34f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.13, "y": 0.82 }, "kind": "title", "text": "Counterparty Credit Requirements", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9a8220a1-bc8d-46be-99c6-4f79ce6638e7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.13, "y": 0.32 }, "kind": "title", "text": "Wrap Fee Programs", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e6e569f7-8ea9-4608-b4b7-2a37e14482ae", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 150, "from": 101, "beatId": "2ffbac36-9b13-45f3-ad44-b7c15a73d480", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Impact & Next Steps", "beatSlug": "consultants-gambit-impact-next-steps", "evidence": "The document concludes with information about the firm's code of ethics, participation or interest in client transactions, and other regulatory disclosures.", "position": 4, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }