What Folio Institutional does

Folio Institutional is a technology-driven custody, clearing, and brokerage platform serving registered investment advisors (RIAs) and financial advisors in the United States. Operating as a brand under Folio Investments, Inc. — a wholly-owned subsidiary of The Goldman Sachs Group, Inc. — the business delivers institutional-grade account management, trade execution, and securities-based lending through the Goldman Sachs Custody Solutions (GSCS) and Goldman Sachs & Co. LLC (GS&Co.) entities. The platform sits within the broader Goldman Sachs Advisor Solutions franchise and is accessible via a web-based portal with session-based authentication, multi-party partner code validation (IAFIRM), and single sign-on integration through a centralized verification login service. Margin loans are issued by GSCS, while additional loan products — including the GS Select securities-based line of credit and Goldman Sachs Private Bank Select — are provided by Goldman Sachs Bank USA, Salt Lake City Branch (member FDIC).

The platform's product surface spans custody, clearing, brokerage execution, account transfers, money transfers, window trades, and direct trades, with compliance posture anchored in SEC broker-dealer registration and FINRA/MSRB/SIPC memberships. Core proprietary technology centers on the Identity Management System and Verification Login Service, which together enable federated advisor access with external identity providers. There is no evidence of API or SDK availability to third parties; the operating model is direct-to-advisor via online portal with phone and email support (1-888-230-5635; [email protected]).

Revenue is generated primarily through transaction fees on trade execution, account servicing fees, and interest income on margin loans and securities-based lines of credit. Pricing is quote-based and tailored per institutional relationship and is not publicly disclosed. The company serves a defined U.S. advisor market — RIAs and broker-dealers — with a vertical segmentation approach, and acquired First Affirmative Financial Network in November 2016 to extend capability into SRI/ESG-aligned advisor segments. Founder Kathy Wallman co-founded the firm, with current President Greg Vigrass and Executive Vice President Andrew Koslow leading strategic transactions and legal functions. The company's geographic scope is limited to the United States, and no international or new-vertical expansion signals are present in the input data.

Name

Folio Institutional

Legal name

Folio Investments, Inc.

Website

https://info.folioinstitutional.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

101–250 employees

Short description

Folio Institutional is a Goldman Sachs subsidiary that delivers custody, clearing, and brokerage services to U.S. registered investment advisors and financial advisors through the Goldman Sachs Custody Solutions web platform, including securities-based lending via Goldman Sachs Bank USA.

Ownership category

akta.pro rank

Product category

Institutional Custody and Brokerage Services

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Fund Custody & Transfer Agency Services (FSACAHAG)

akta.pro secondary industries

Securities & Custody Operations (Safekeeping, Corporate Actions, Settlement Support) (FSABALAG), Sub-Accounting & Platform Servicing (Omnibus, Intermediary/NSCC, Retirement Platforms) (FSAAAMAI)

Keywords

• Institutional custody services
• Investment advisor platform
• Brokerage clearing services
• RIA technology platform
• Securities-based lending

Headquarters

HQ city

Mclean

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Custody and Clearing Services: Folio Institutional, through its Goldman Sachs Custody Solutions brand, provides custody, clearing, and brokerage services to registered investment advisors. Revenue is generated through transaction fees, account servicing fees, and potentially margin lending services.
2. Securities-Based Lending: Margin loans and securities-based lines of credit are provided through GSCS, with other loan products offered by Goldman Sachs Bank USA. Revenue generated through interest on loan products.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Folio Institutional, operating as Goldman Sachs Custody Solutions (GSCS), provides custody, clearing, and brokerage services to registered investment advisors (RIAs) and financial advisors. The platform delivers integrated trade execution, account management, money and account transfers, window trades, and direct trades through a web-based institutional portal. It also extends securities-based lending and private banking credit products via affiliated Goldman Sachs entities (Goldman Sachs Bank USA and Goldman Sachs Private Bank Select).

Product overview

Folio Institutional, operating as Goldman Sachs Custody Solutions, is a technology-driven custody and brokerage platform offering integrated investment management services. The core offering consists of custody, clearing, and brokerage services through GSCS, with additional products including GS Select (securities-based lending) and Goldman Sachs Private Bank Select. The platform is built as a white-label solution serving investment advisors and financial institutions, with the platform login accessible via FolioIdentity.com.

Differentiator

Problem solved

Functional benefit

Products and services

• Goldman Sachs Custody Solutions (GSCS) Platform Integrated custody, clearing, and brokerage platform offered by Folio Investments, Inc. d/b/a Goldman Sachs Custody Solutions. Provides SEC-registered broker-dealer services (FINRA/MSRB/SIPC member) including trade execution, account servicing, window trades, direct trades, account transfers, and money transfers for registered investment advisors.
• GS Select Securities-based lines of credit offered by the Salt Lake City branch of Goldman Sachs Bank USA, member FDIC. Provides credit and collateral-based loan facilities against investment portfolios held at GSCS.
• Margin Loans Margin lending facility provided through Goldman Sachs Custody Solutions, available to advisors and their clients using the GSCS custody platform.

Segments2 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered core.

• Goldman Sachs & Co. LLCcoreOthersGS&Co. is an SEC-registered broker-dealer and investment adviser, and member FINRA/MSRB/SIPC. It provides additional brokerage services alongside GSCS and is part of the Goldman Sachs Advisor Solutions brand offering.
• Goldman Sachs Bank USAcoreOthersGoldman Sachs Bank USA, Salt Lake City Branch (member FDIC) provides loan products including margin loans and securities-based lines of credit, supplementing the custody services offered through GSCS.

Scale indicators1 record

Recent moves5 records

Expansion highlights3 records

Direct peers

• Fidelity Institutional: Fidelity Institutional provides custody, clearing, brokerage, and advisor technology to RIAs and broker-dealers, competing head-to-head with Goldman Sachs Custody Solutions for advisory firm relationships and offering a similarly integrated cash-management and lending product suite.
• Charles Schwab (Schwab Advisor Services): Schwab's Advisor Services division is the largest U.S. custodian for RIAs, offering custody, clearing, trading, and platform technology — directly comparable to the integrated custody/clearing/brokerage stack Folio Institutional sells through GSCS to the same RIA persona.
• Pershing (BNY Mellon): Pershing is a BNY Mellon-owned custody and clearing provider serving RIAs, broker-dealers, and registered investment advisers with the Wove platform — directly comparable in custody, clearing, and brokerage offerings to Folio Institutional.
• LPL Financial (LPL Custody): LPL Financial operates an integrated custody, clearing, and broker-dealer platform for its affiliated financial advisors and RIA firms, overlapping substantially with Folio Institutional's custodian-plus-brokerage model.
• Cetera Financial Group: Cetera provides custody and clearing infrastructure to a network of independent financial advisors and RIAs (formerly using First Clearing among others), making it a comparable RIA custody competitor for Folio Institutional.
• SEI Investments: SEI's Investment Manager Services division delivers custody, trading, and back-office technology to RIAs and institutional managers, with comparable scale, technology stack, and target client base to Folio Institutional.
• Raymond James Financial Services: Raymond James provides custody, clearing, and brokerage services through its Advisor-Sold Wealth segment for independent advisors and RIAs, comparable to the GSCS platform in target customer and integrated service model.

Broad incumbents

• BNY Mellon Wealth Management: BNY Mellon's Pershing (direct peer) plus the broader BNY Mellon wealth, custody, and asset-servicing franchise compete for advisor custody at scale and provide alternatives for RIAs seeking global infrastructure vs. Folio Institutional's U.S.-only footprint.
• State Street Global Services (SSGA): State Street is a global custodian offering institutional custody and fund services that increasingly reaches U.S. RIAs; comparable in custody/asset servicing DNA and competes with GS Advisor Solutions for high-end RIA mandates.

Emerging players

• Apex Clearing / Apex Fintech Solutions: Apex Clearing offers custody, clearing, and API-driven brokerage infrastructure to fintechs and digital advisors; while oriented more to emerging/digital RIA segments, it overlaps with Folio Institutional in core custody and clearing functions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/folioadvisor

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Folio Institutional