You will receive a letter from George Gay in the next few days: you do not need to do anything. I just wanted to give you a heads up that this letter is simply to inform you that the Goldman deal is off!
I cannot tell you the level of stress I have been under since that first email I sent to you on Thanksgiving Day, 2019, when I first wrote to you about this merger.
When I launched Skye Advisors’ I chose First Affirmative to be the administrative / trading / compliance piece of my company and FA has always worked for you, and me. They provided the administrative support I needed on Day 1 and I will always be very grateful for all they have done for us.
Now that the Goldman deal is off, Goldman has committed to lend First Affirmative working capital. While I do not know the terms of the loan, I assume it will be like an episode of "Shark Tank."
Why did Goldman decide to spin off First Affirmative? Goldman might have realized that FA did not bring enough fee income to be worth the trouble we will most likely be. 😊
Once the Goldman acquisition was announced, advisors, clients, and assets, began leaving: Goldman did not really know how many assets they would be closing on August 31st. Firms like Skye Advisors’ began to look at what their options were for running their firms going forward.
My Friday "thoughts as we finish out this Week" always end with 😲 Why does this matter to you? as all we really want to know is "what will be different tomorrow?"
From Day 1, I could visualize what the perfect firm looked like. Now, almost 3 years later, I can visualize what Skye Advisors’ 2.0 will look like! The one piece of universal feedback I got once Goldman entered the picture was clients did not want to move from Schwab.
I listened. While I do not know what the future holds for First Affirmative 2.0, I am now establishing a Skye-Schwab-Institutional relationship and am very pleased at how everything is falling into place. You and I will continue to steer our own ship.
I am now looking at new Quarterly Reporting software and the sustainable / impact portfolios that will let us have better control of the companies in your portfolio. You can also trust I will continue to work towards reducing investment management fees and the internal fees that mutual fund charge. Look for updates from me soon: I am not including a link to “talk to Julie” as I need a few weeks to get more of my pieces into place! I cannot thank you enough for your trust and your confidence that I will continue to innovate and bring you the best that our industry has to offer. Today I am more confident than ever, in our future, and the future of our world. Best, Julie
Constancy noun con·stan·cy | \ ˈkän(t)-stən(t)-sē
Steadfastness of mind under duress: fortitude, fidelity, loyalty. A state of being constant or unchanging: steadfastness of mind under duress; dedication and devotion. In short supply.
Synonym - Skye Advisors
