{ "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": 8, "pageCount": 183, "prevPage": 7, "nextPage": 9, "slideType": "appendix_disclosure", "function": "other", "density": "dense", "nDataPoints": 0, "notes": "This is a regulatory disclosure page from a Form ADV document.", "elementsJson": [ "paragraph" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-5e88-73ef-bd5a-28c72cc9d740/8", "deckHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740", "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740.json", "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740#slide-8", "components": [ { "bbox": { "h": 0.325, "w": 0.745, "x": 0.127, "y": 0.283 }, "kind": "paragraph", "text": "A client in a Wrap Program typically receives professional investment management of account assets through one or more investment advisers (including GSAM) participating in the program. Except for execution charges for certain transactions as described below, clients pay a single, all-inclusive (or \"wrap\") fee charged by the Sponsor based on the value of the client's account assets for asset management, trade execution, custody, performance monitoring and reporting through the Sponsor. The Sponsor typically assists the client in defining the client's investment objectives based on information provided by the client, aids in the selection of one or more investment advisers to manage the client's account, and periodically contacts the client to ascertain whether there have been any changes in the client's financial circumstances or investment objectives that warrant a change in the management of the client's assets. In certain Wrap Programs, the Sponsor contracts with other investment advisers to perform these services. In a Wrap Program, the Sponsor typically pays GSAM a fee based on the assets of clients invested in the applicable GSAM strategy in the Wrap Program. In certain cases, GSAM is instead paid fees based on the size of the total Wrap Program assets under management. The fees that GSAM charges one Sponsor may differ from the fees that GSAM charges another Sponsor in connection with managing the same strategy (including as a result of negotiations with particular Sponsors, which may take into account the size and scope of the overall relationship with such Sponsors, among other factors). As a result, Wrap Program clients of one Sponsor may pay more (or less) overall for the same GSAM strategy than the amount paid by Wrap Program clients of another Sponsor or by other Advisory Accounts.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "500c6f46-d5d6-42e5-8c85-d713d93a1381", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.035, "w": 0.745, "x": 0.127, "y": 0.92 }, "kind": "paragraph", "text": "The following describes some of the differences between Wrap Program Advisory Accounts and other Advisory Accounts. Wrap Program clients should also review the Wrap Fee Program Brochure provided by the Sponsor, which contains", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6f1869f7-cb45-4676-a816-7335b3580714", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.035, "w": 0.745, "x": 0.127, "y": 0.239 }, "kind": "paragraph", "text": "GSAM's investment advisory services are also available through various consulting or bundled \"wrap fee\" programs (\"Wrap Programs\") sponsored by certain broker-dealers, including affiliates of GSAM (\"Sponsors\").", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a83adec7-c422-49f0-84f0-4dfd3583acee", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.135, "w": 0.745, "x": 0.127, "y": 0.778 }, "kind": "paragraph", "text": "In connection with investment advisory services provided pursuant to a Wrap Program, GSAM will not have access to fulsome information regarding the Wrap Program client's financial circumstances, investment objectives or overall investment portfolio. In addition, GSAM may receive information about the client at a different time than the Sponsor. As a result, any determination by GSAM as to the appropriateness or suitability for a Wrap Program client of a particular investment will be made without regard to the portion of the client's portfolio that is not managed by GSAM, and such determinations may be different than would have been the case had GSAM had access to fulsome information regarding the client's financial circumstances, investment objectives and overall investment portfolio.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d66da6a0-a331-4f6c-8b57-e5868ff0e878", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.155, "w": 0.745, "x": 0.127, "y": 0.615 }, "kind": "paragraph", "text": "A Wrap Program client may be able to obtain some or all of the services available through a particular Wrap Program on an \"unbundled\" basis through the Sponsor of that program or through other firms (including, as described below in this Item 4, Advisory Business—Wrap Fee Programs—Dual Contract Arrangements, through dual contract arrangements pursuant to which GSAM acts as investment adviser). Depending on the circumstances, the aggregate of any separately-paid fees (including in connection with a dual contract arrangement) may be lower (or higher) than the wrap fee charged in the Wrap Program. Payment of a bundled asset-based wrap fee may or may not produce accounting, bookkeeping, or income tax results better than those resulting from the separate payment of (i) securities commissions and other execution costs on a trade-by-trade basis and (ii) advisory fees.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f7e5c6ba-7813-40b9-8778-cef2a05418f2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.015, "w": 0.175, "x": 0.127, "y": 0.214 }, "kind": "title", "text": "WRAP FEE PROGRAMS", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5b2b8601-ef3a-4b59-8d95-71b1be0b1578", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "from": 5, "beatId": "c0b0292a-359f-464d-8c34-365b44114f4c", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Problem & Complication", "beatSlug": "consultants-gambit-problem-complication", "evidence": "The firm discloses potential risks and complications associated with its advisory services, such as investment restrictions and conflicts of interest.", "position": 1, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }