akes clients wonder about the differences in objectivity."
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Some Goldman clients are making inquiries about moving parts of their holdings out of Goldman, said an executive who runs a high-net-worth firm in the U.S. Southeast.
"The door's more open now because (Goldman's) image is somewhat tarnished. It's creating a tough market obstacle for them to overcome
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Attracting new clients and assets has become difficult in this environment, according to Goldman rivals and recruiters.
The bank pushes advisers to constantly bring in clients
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Boutique advisory firms contend Goldman's business model stresses the sale of investment products, many of which are manufactured by Goldman. That is hardly unique among Wall Street brokers, but clients sometimes can suffer.
"They made money. I didn't," said one financial industry executive who was a former Goldman client.
That said, it is not easy to lure Goldman brokers away. Historically, the bank has kept a strong hold on its brokers, recruiters said, since many clients were loyal to the firm rather than the individual adviser.
Clients also find it difficult to move accounts that hold Goldman investments that cannot be quickly sold or moved.
CHAGRINED
Tight-lipped Goldman is especially secretive about its wealth management unit. The bank does not disclose the unit's performance and makes no mention of it in quarterly filings.
In its latest 10-K filing, Goldman said it managed $231 billion for individuals at the end of 2009, up more than 7 percent from a year earlier. The Standard & Poor's 500 index rose 23 percent last year, and hedge funds rose 20 percent.
Goldman's asset management division
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For now, there has been little mo