Establishing a Private Wealth Firm – Los Angeles Business Journal

A breakaway team from Merrill Lynch with more than $1 billion in assets under management has formed Beverly Hills Private Wealth, an independent financial advisor operating under the custodian of Goldman Sachs.

The company, founded by industry veteran Scott Shagrin, a certified financial planner; certified investment analyst Ira Ravitz; and Chartered Financial Consultant Lisa Weiner, announced October 7 as its official first day, according to a press release issued the same day. The trio collectively managed more than $1 billion in assets prior to her departure from Merrill Lynch.

In a statement accompanying the press release, Ravitz said the launch was a natural progression to meet the needs of today’s investors.

“By launching Beverly Hills Private Wealth, we are able to evolve alongside our clients without the constraints found at traditional large banks. We work with a diverse group of clients, from business owners to individuals in the entertainment industry to family wealth passed through cross-generational relationships,” Ravitz said in a statement.

“There is no one-size-fits-all plan or formula that can achieve the goals of people so diverse. A world of possibilities is now open to our customers. We’ve had a great run at Merrill, but it’s time for the next chapter. Not just for us, but for our customers. And the future looks very bright,” he added.

The firm said it selected Goldman Sachs Advisor Solutions for custody services “and to support their exceptional client experience,” adding that through its “relationship with Goldman Sachs, Beverly Hills Private Wealth will be able to offer its clients sophisticated wealth management solutions that… be backed by a highly respected brand in the market.”

“Our goal is to offer advisors the best of both worlds – the freedom to operate as an independent RIA and the ability to access institutional-grade products and services,” said Bill Dalton, Head of New Nusiness at Goldman Sachs Advisor Solutios, in a statement.

“Beverly Hills Private Wealth’s commitment to its clients and building a lasting business aligns with our vision and goals. We look forward to exploring new opportunities together.”

Ravitz declined to provide additional comment to Business Journal.
As its name suggests, the firm will operate out of Beverly Hills and will “leverage decades of combined experience to empower successful individuals and multigenerational families to achieve their goals” through bespoke planning, investment management, tax planning and risk management.

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