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GS does not provide legal, tax, or accounting advice to its clients, unless explicitly agreed between the client and GS, and GSFO does not offer the sale of insurance products. As part of its GSFO Services, GSFO may, upon your request, discuss with you various aspects of financial planning. The scope of such planning services will vary among clients and may only include episodic and educational consultations that should not be viewed as tax advice. Financial planning does not address every aspect of a client’s financial life and the fact that a topic is not discussed with you does not indicate that the topic is not applicable to your financial situation. GSFO may review with you the general income tax consequences of your investments, estate planning, philanthropic endeavors, real estate holdings, and certain other activities that may affect your income tax.
GS assumes no duty to take action pursuant to any recommendations, advice, or financial planning strategies discussed with you as part of GSFO Services. It is your responsibility to determine if and how any such recommendations, advice, or financial planning strategies should be implemented or otherwise followed, and you are encouraged to consult with your own tax advisor and other professionals regarding your specific circumstances. GS is not liable for any services received from your independent advisors or the results of any incident arising from any such services or advice.
Certain of the GSFO Services may be provided by GS, which includes, among others, GS wealth management personnel (“GS Personnel”), The Ayco Company, L.P. (“Ayco”) (a GS affiliate and a wholly-owned subsidiary of The Goldman Sachs Group, Inc.), and Ayco wealth management personnel (“Ayco Personnel”). Certain other of the GSFO Services may be provided through a client referral to subcontractors, independent service providers, or other unaffiliated third parties (collectively, “Third Party Vendors” or “Network Service Providers”), who are not acting as financial or investment advisors, and who are not delivering investment or financial advice, with respect to the provision of GSFO Services. Services provided by Third Party Vendors are wholly independent of those provided by GS and additional terms of service may apply for clients entering into any separate agreements with Third Party Vendors in furtherance of GSFO Services. GS may refer clients to Third Party Vendors for services including, but not limited to, tax return preparation, household payment administration and bill payment, certain philanthropic advisory services, cyber security services, physical security services, and health advisory services.
The scope, duration, deliverables, assigned personnel, referrals to Third Party Vendors, and delivery channels through which GSFO Services are provided will vary among clients, including the facts, requested services, circumstances, personal financial goals, net worth, complexity, and/or needs of each client. Services will be reviewed, advised upon, and/or performed, to the extent applicable to each client. GSFO Services will be provided based on individual client needs. Not all clients will receive all services. Certain activities may fall beyond the scope of the GSFO Services. In addition, GSFO Services may not address every aspect of a client’s financial life. GSFO Services do not include investment and brokerage services for clients’ GS accounts, which will continue to be provided by GS pursuant to the terms of the agreements between those clients and GS. Any asset management services provided are governed by a separate investment management agreement (as may be applicable). GS Personnel and Ayco Personnel providing GSFO Services do not provide discretionary management over client investments.
Consolidated Reporting. Any consolidated report that GSFO may provide is at your request and is for informational purposes only; it is not your official statement. Information (including valuation) regarding holdings in third party accounts or other non-GS investments may be included as a courtesy and is based on information provided by you. GS does not perform review or diligence on, independently verify the accuracy of information regarding, or provide advice on such non-GS investments; GS assumes no responsibility for the accuracy of the source information and such assets may not be included on GS’s books and records. While we may inform you of how a non-GS investment fits within your overall asset allocation, our classification of the investment may be different than your custodian or external adviser’s classification. You should review and maintain the original source documents (including third party financial statements) and review them for any notices or relevant disclosures. Assets held away may not be covered by SIPC.
Responsibility to Clients. GS may act as a fiduciary in providing some but not all GSFO Services provided by GS. GS may act in an investment advisory capacity with respect to one or more client accounts and may undertake a fiduciary duty when providing certain of the GSFO Services. Where GS acts as a broker it may not become a fiduciary. GS does not act in an investment advisory capacity and has no fiduciary duty when providing certain GSFO Services, including accommodation services – which are provided as a courtesy only. In providing GSFO Services, GS will rely on information provided by, or on behalf of, clients. GS will not be responsible for the accuracy or completeness of any such information, nor for any consequences related to the use of any inaccurate or incomplete information.
Limitation of Liability for Certain Services. Where GS refers clients to Third Party Vendors for certain GSFO Services, GS is not liable for clients’ ultimate selection and utilization of such Third Party Vendor, for any services rendered or guidance received, or the results of any incident arising from any such referral. GS is not responsible for the supervision, monitoring, management, or performance of such Third Party Vendors and is not liable for any failure of Third Party Vendors to render services or any losses incurred as a result of such services. Cybersecurity and physical security consultations provided by GS are intended to provide a general overview of cyber and physical security threats, but are not comprehensive; GS is not liable for any incident following such consultations. Where GSFO provides art advisory services, such services are generally limited to education; GS does not recommend purchasing art or collectibles as an investment strategy, provide formal or informal appraisals of the value of, or opine on the future investment potential of, any specific artwork or collectible.
Fee Structure. Fees for GSFO Services may vary among clients depending on their particular circumstances. Certain of the fees associated with GSFO Services are either charged as a single bundled fee while other fees are charged as supplemental fees, which are identified in the GSFO Services Supplement to clients’ Customer Agreement. GS reserves the right to adjust the GSFO Services fees in the event of extraordinary circumstances.
Conflicts. GS may receive fees for certain of the GSFO Services. In the course of providing such services, GS may offer additional services and/or products that are independent of the GSFO Services and for which additional fees or commissions are charged. These offerings create a conflict of interest and clients may be asked to acknowledge their understanding of such conflict.
Assumptions. Where materials and/or analyses are provided to you, they are based on the assumptions stated therein. In the event any of the assumptions used do not prove to be true, results are likely to vary substantially from the examples shown herein. These examples are for illustrative purposes only and no representation is being made that any client will or is likely to achieve the results shown. Assumed growth rates are subject to high levels of uncertainty and do not represent actual trading and, thus, may not reflect material economic and market factors that may have an impact on actual performance. GS has no obligation to provide updates to these rates.
Any provided financial planning services, including cash flow analyses based on the information you provide, are a hypothetical illustration of mathematical principles and are not a prediction or projection of performance of an investment or investment strategy.
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This material is not an offer or solicitation with respect to the purchase or sale of any security in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation.
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This material is for your information only and is not intended to be used by anyone other than you. To the extent this presentation is used by Private Wealth Management, this presentation is intended only to facilitate your discussions with Goldman Sachs as to the opportunities available to our Private Wealth Management clients. This is not an offer or solicitation with respect to the purchase or sale of any security. This presentation is intended only to facilitate your discussions with Goldman Sachs International (“GSI”), who are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority, as to the opportunities available to our retail clients. The presentation is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as finding the appropriate investment strategies for a client will depend upon the client’s investment objectives. This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation. It is the responsibility of any person or persons in possession of this material to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction. Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any investments.
Information contained herein is believed to be reliable but no warranty is given as to its completeness or accuracy and views and opinions, whilst given in good faith, are subject to change without notice. GSI, and/or its affiliates (together “Goldman Sachs”) and its officers, directors, and employees, including persons involved in the preparation or issuance of this material, may from time to time have "long" or "short" positions in, or buy or sell, or otherwise have a material interest in, the investments mentioned herein or in related investments including, without limitation, securities, commodities, derivatives (including options) or other financial products of companies mentioned herein. In addition, Goldman Sachs may have served as manager or co-manager of a public offering of securities by any such company within the past 12 months and/or may be the only market maker in relation to investments mentioned herein and/or may be providing significant advice or investment services in relation to investments mentioned herein or related investments or have provided such advice or services within the previous 12 months. Past performance is not a guide to future performance and the value of investments and the income derived from them can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. Changes in exchange rates may cause the value of an investment to increase or decrease. Some investments may be restricted or illiquid, there may be no readily available market and there may be difficulty in obtaining reliable information about their value and the extent of the risks to which such investments are exposed. Certain investments, including warrants and similar securities, often involve a high degree of gearing or leverage so that a relatively small movement in price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable as well as favorable, in the price of the warrant or similar security. In addition, certain investments, including futures, swaps, forwards, certain options and derivatives, whether on or off exchange, may involve contingent liability resulting in a need for the investor to pay more than the amount originally invested and may possibly result in unquantifiable further loss exceeding the amount invested. Transactions in over-the-counter derivatives involve additional risks as there is no market on which to close out an open position; it may be impossible to liquidate an existing position, to assess the value of a position or to assess the exposure to risk. Investors should carefully consider whether such investments are suitable for them in light of their experience, circumstances and financial resources.
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This material has been approved for issue in the United Kingdom solely for the purposes of Section 21 of the Financial Services and Markets Act 2000 by GSI, Plumtree Court, 25 Shoe Lane, London, EC4A 4AU, United Kingdom; authorised by the Prudential Regulation Authority; and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Certain aspects of the investment strategy described in this presentation may from time to time include commodity interests as defined under applicable law. For investors based / receiving this document in the United Kingdom: This document may contain references to “nonmainstream pooled investments”, as defined in the UK Financial Conduct Authority’s Handbook of Rules and Guidance (the “FCA Handbook”). Non-mainstream pooled investments include (without limitation) unregulated collective investment schemes and certain structured products. Where this document refers to non-mainstream pooled investments, this document and the nonmainstream pooled investments referred to within it has been provided to you on the basis that you have demonstrated to Goldman Sachs that you fall within an exempt category of person to whom such an investment may lawfully be promoted in accordance with the rules of the FCA Handbook, including without limitation: (a) Certified High Net Worth Investors; (b) Professional or Eligible Counterparty clients; (c) Certified Sophisticated Investors; (d) Certified Self-Sophisticated Investors; or (e) by virtue of this document amounting to an Excluded Communication, as such terms are defined in the FCA Handbook.
If you are aware that the above exemptions do not apply or are no longer applicable to you, you must notify Goldman Sachs without delay and you must not pursue any of the investments highlighted in this document.
PURSUANT TO AN EXEMPTION FROM THE U.S. COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE CLIENTS, THIS BROCHURE IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMODITY FUTURES TRADING COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION
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