Goldman will step down at the end of March, “to pursue opportunities outside the organization,” said Vin Loporchio, a Fidelity spokesman. It has not named a replacement.
Instead, Goldman’s former team of three division presidents will run the institutional platforms. They are: Sanjiv Mirchandani, president of National Financial, Fidelity’s clearing arm; Mike Durbin, president of Institutional Wealth Services, which supports the registered investment advisory market; and Ed Orazem, president of Fidelity Family Office Services.
All three will report to Gerard McGraw, the president of Fidelity Institutional. McGraw hired Goldman in November 2008.
During his tenure, the Institutional Wealth Services division, in partnership with National Financial, helped a record 191 breakaway brokers go independent in 2009, a 63% increase from 117 advisors who made the move in 2008.
Institutional Wealth Services ended last year with $392.7 billion in assets, an increase of 35% over 2008. It also launched an enhanced service model and continued the rollout of the Fidelity WealthCentral platform.
As for the other divisions, National Financial ended the year with $550 billion in assets, representing a $44 billion increase over the prior year and added 14 new clients to its platform. The family office division surpassed 100 family office clients.
