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Goldman Sachs & Co. has hired Cynthia Loh, a digital consulting veteran, to lead product management for the company’s personal money management group.
Loh joins as managing director and reports directly to Larry Restieri and Joe Duran, co-heads of PFMG, and Irfan Hussain, chief information officer of Goldman’s consumer and wealth management division, according to a memo. examined by InvestmentNews.
She will be responsible for building a team with new positions to fill, including that of Vice President of Product Management and Associate of Product Strategy, according to his LinkedIn page.
Loh joins Goldman Sachs from Charles Schwab & Co., where she served as Vice President of Digital Consulting and Innovation and oversaw the Schwab Intelligent Portfolio robotic platforms since 2017. One of her major innovations in this area role has been the introduction of subscription pricing to the platforms, which have attracted more than $ 1 billion in assets, according to the firm. It also launched the Schwab Intelligent Income feature which allows investors to withdraw a paycheck from multiple accounts in a tax-efficient manner.
Prior to that, Loh was Managing Director at Betterment.
Goldman’s latest tech-focused hire is a move that highlights the bank’s recent push to move beyond offering wealth management services exclusively to the ultra-rich. Following its acquisition in July 2019, United Capital became the personal financial management division of Goldman Sachs, combining the RIA’s then-emphasis on personalization with the 150-year heritage of the Wall Street bank.
The personal finance unit is now growing through acquisitions and technology, and Joe Duran recently spoke about how advisers can benefit from it.
“We spend millions of dollars a year just on technology to help advisors be competitive, adding new features every day,†Duran said in an interview.
Goldman Sachs has since expanded its wealth management offerings to serve a wider range of investors. More recently, Goldman introduced its robo-advisor, Marcus Invest, in February. Investment offering lives under Goldman’s existing consumer banking app Marcus by Goldman Sachs, joining other offerings such as savings accounts, unsecured personal loans and budgeting software.
In his new role, Loh will work closely with the engineering team to help the company continue to innovate and evolve its platform, according to the note.
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