### WordPress - Web publishing software
Copyright 2011-2019 by the contributors
This program is free software; you can redistribute it and/or modify
it under the terms of the GNU General Public License as published by
the Free Software Foundation; either version 2 of the License, or
(at your option) any later version.
This program is distributed in the hope that it will be useful,
but WITHOUT ANY WARRANTY; without even the implied warranty of
MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE. See the
GNU General Public License for more details.
You should have received a copy of the GNU General Public License
along with this program; if not, write to the Free Software
Foundation, Inc., 51 Franklin St, Fifth Floor, Boston, MA 02110-1301 USA
This program incorporates work covered by the following copyright and
permission notices:
b2 is (c) 2001, 2002 Michel Valdrighi - m@tidakada.com -
http://tidakada.com
Wherever third party code has been used, credit has been given in the code's
comments.
b2 is released under the GPL
and
WordPress - Web publishing software
Copyright 2003-2010 by the contributors
WordPress is released under the GPL
---
### GNU GENERAL PUBLIC LICENSE
Version 2, June 1991
Copyright (C) 1989, 1991 Free Software Foundation, Inc.
51 Franklin Street, Fifth Floor, Boston, MA 02110-1301, USA
Everyone is permitted to copy and distribute verbatim copies
of this license document, but changing it is not allowed.
### Preamble
The licenses for most software are designed to take away your freedom
to share and change it. By contrast, the GNU General Public License is
intended to guarantee your freedom to share and change free
software--to make sure the software is free for all its users. This
General Public License applies to most of the Free Software
Foundation's software and to any other program whose authors commit to
using it. (Some other Free Software Foundation software is covered by
the GNU Lesser General Public License instead.) You can apply it to
your programs, too.
When we speak of free software, we are referring to freedom, not
price. Our General Public Licenses are designed to make sure that you
have the freedom to distribute copies of free software (and charge for
this service if you wish), that you receive source code or can get it
if you want it, that you can change the software or use pieces of it
in new free programs; and that you know you can do these things.
To protect your rights, we need to make restrictions that forbid
anyone to deny you these rights or to ask you to surrender the rights.
These restrictions translate to certain responsibilities for you if
you distribute copies of the software, or if you modify it.
For example, if you distribute copies of such a program, whether
gratis or for a fee, you must give the recipients all the rights that
you have. You must make sure that they, too, receive or can get the
source code. And you must show them these terms so they know their
rights.
We protect your rights with two steps: (1) copyright the software, and
(2) offer you this license which gives you legal permission to copy,
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that everyone understands that there is no warranty for this free
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Finally, any free program is threatened constantly by software
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program proprietary. To prevent this, we have made it clear that any
patent must be licensed for everyone's free use or not licensed at
all.
The precise terms and conditions for copying, distribution and
modification follow.
### TERMS AND CONDITIONS FOR COPYING, DISTRIBUTION AND MODIFICATION
**0.** This License applies to any program or other work which
contains a notice placed by the copyright holder saying it may be
distributed under the terms of this General Public License. The
"Program", below, refers to any such program or work, and a "work
based on the Program" means either the Program or any derivative work
under copyright law: that is to say, a work containing the Program or
a portion of it, either verbatim or with modifications and/or
translated into another language. (Hereinafter, translation is
included without limitation in the term "modification".) Each licensee
is addressed as "you".
Activities other than copying, distribution and modification are not
covered by this License; they are outside its scope. The act of
running the Program is not restricted, and the output from the Program
is covered only if its contents constitute a work based on the Program
(independent of having been made by running the Program). Whether that
is true depends on what the Program does.
**1.** You may copy and distribute verbatim copies of the Program's
source code as you receive it, in any medium, provided that you
conspicuously and appropriately publish on each copy an appropriate
copyright notice and disclaimer of warranty; keep intact all the
notices that refer to this License and to the absence of any warranty;
and give any other recipients of the Program a copy of this License
along with the Program.
You may charge a fee for the physical act of transferring a copy, and
you may at your option offer warranty protection in exchange for a
fee.
**2.** You may modify your copy or copies of the Program or any
portion of it, thus forming a work based on the Program, and copy and
distribute such modifications or work under the terms of Section 1
above, provided that you also meet all of these conditions:
**a)** You must cause the modified files to carry prominent notices
stating that you changed the files and the date of any change.
**b)** You must cause any work that you distribute or publish, that in
whole or in part contains or is derived from the Program or any part
thereof, to be licensed as a whole at no charge to all third parties
under the terms of this License.
**c)** If the modified program normally reads commands interactively
when run, you must cause it, when started running for such interactive
use in the most ordinary way, to print or display an announcement
including an appropriate copyright notice and a notice that there is
no warranty (or else, saying that you provide a warranty) and that
users may redistribute the program under these conditions, and telling
the user how to view a copy of this License. (Exception: if the
Program itself is interactive but does not normally print such an
announcement, your work based on the Program is not required to print
an announcement.)
These requirements apply to the modified work as a whole. If
identifiable sections of that work are not derived from the Program,
and can be reasonably considered independent and separate works in
themselves, then this License, and its terms, do not apply to those
sections when you distribute them as separate works. But when you
distribute the same sections as part of a whole which is a work based
on the Program, the distribution of the whole must be on the terms of
this License, whose permissions for other licensees extend to the
entire whole, and thus to each and every part regardless of who wrote
it.
Thus, it is not the intent of this section to claim rights or contest
your rights to work written entirely by you; rather, the intent is to
exercise the right to control the distribution of derivative or
collective works based on the Program.
In addition, mere aggregation of another work not based on the Program
with the Program (or with a work based on the Program) on a volume of
a storage or distribution medium does not bring the other work under
the scope of this License.
**3.** You may copy and distribute the Program (or a work based on it,
under Section 2) in object code or executable form under the terms of
Sections 1 and 2 above provided that you also do one of the following:
**a)** Accompany it with the complete corresponding machine-readable
source code, which must be distributed under the terms of Sections 1
and 2 above on a medium customarily used for software interchange; or,
**b)** Accompany it with a written offer, valid for at least three
years, to give any third party, for a charge no more than your cost of
physically performing source distribution, a complete machine-readable
copy of the corresponding source code, to be distributed under the
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**c)** Accompany it with the information you received as to the offer
to distribute corresponding source code. (This alternative is allowed
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The source code for a work means the preferred form of the work for
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If distribution of executable or object code is made by offering
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**4.** You may not copy, modify, sublicense, or distribute the Program
except as expressly provided under this License. Any attempt otherwise
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example, if a patent license would not permit royalty-free
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or indirectly through you, then the only way you could satisfy both it
and this License would be to refrain entirely from distribution of the
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If any portion of this section is held invalid or unenforceable under
any particular circumstance, the balance of the section is intended to
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circumstances.
It is not the purpose of this section to induce you to infringe any
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integrity of the free software distribution system, which is
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through that system in reliance on consistent application of that
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to distribute software through any other system and a licensee cannot
impose that choice.
This section is intended to make thoroughly clear what is believed to
be a consequence of the rest of this License.
**8.** If the distribution and/or use of the Program is restricted in
certain countries either by patents or by copyrighted interfaces, the
original copyright holder who places the Program under this License
may add an explicit geographical distribution limitation excluding
those countries, so that distribution is permitted only in or among
countries not thus excluded. In such case, this License incorporates
the limitation as if written in the body of this License.
**9.** The Free Software Foundation may publish revised and/or new
versions of the General Public License from time to time. Such new
versions will be similar in spirit to the present version, but may
differ in detail to address new problems or concerns.
Each version is given a distinguishing version number. If the Program
specifies a version number of this License which applies to it and
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the Free Software Foundation. If the Program does not specify a
version number of this License, you may choose any version ever
published by the Free Software Foundation.
**10.** If you wish to incorporate parts of the Program into other
free programs whose distribution conditions are different, write to
the author to ask for permission. For software which is copyrighted by
the Free Software Foundation, write to the Free Software Foundation;
we sometimes make exceptions for this. Our decision will be guided by
the two goals of preserving the free status of all derivatives of our
free software and of promoting the sharing and reuse of software
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**NO WARRANTY**
**11.** BECAUSE THE PROGRAM IS LICENSED FREE OF CHARGE, THERE IS NO
WARRANTY FOR THE PROGRAM, TO THE EXTENT PERMITTED BY APPLICABLE LAW.
EXCEPT WHEN OTHERWISE STATED IN WRITING THE COPYRIGHT HOLDERS AND/OR
OTHER PARTIES PROVIDE THE PROGRAM "AS IS" WITHOUT WARRANTY OF ANY
KIND, EITHER EXPRESSED OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE
IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR
PURPOSE. THE ENTIRE RISK AS TO THE QUALITY AND PERFORMANCE OF THE
PROGRAM IS WITH YOU. SHOULD THE PROGRAM PROVE DEFECTIVE, YOU ASSUME
THE COST OF ALL NECESSARY SERVICING, REPAIR OR CORRECTION.
**12.** IN NO EVENT UNLESS REQUIRED BY APPLICABLE LAW OR AGREED TO IN
WRITING WILL ANY COPYRIGHT HOLDER, OR ANY OTHER PARTY WHO MAY MODIFY
AND/OR REDISTRIBUTE THE PROGRAM AS PERMITTED ABOVE, BE LIABLE TO YOU
FOR DAMAGES, INCLUDING ANY GENERAL, SPECIAL, INCIDENTAL OR
CONSEQUENTIAL DAMAGES ARISING OUT OF THE USE OR INABILITY TO USE THE
PROGRAM (INCLUDING BUT NOT LIMITED TO LOSS OF DATA OR DATA BEING
RENDERED INACCURATE OR LOSSES SUSTAINED BY YOU OR THIRD PARTIES OR A
FAILURE OF THE PROGRAM TO OPERATE WITH ANY OTHER PROGRAMS), EVEN IF
SUCH HOLDER OR OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH
DAMAGES.
### END OF TERMS AND CONDITIONS
### How to Apply These Terms to Your New Programs
If you develop a new program, and you want it to be of the greatest
possible use to the public, the best way to achieve this is to make it
free software which everyone can redistribute and change under these
terms.
To do so, attach the following notices to the program. It is safest to
attach them to the start of each source file to most effectively
convey the exclusion of warranty; and each file should have at least
the "copyright" line and a pointer to where the full notice is found.
one line to give the program's name and an idea of what it does.
Copyright (C) yyyy name of author
This program is free software; you can redistribute it and/or
modify it under the terms of the GNU General Public License
as published by the Free Software Foundation; either version 2
of the License, or (at your option) any later version.
This program is distributed in the hope that it will be useful,
but WITHOUT ANY WARRANTY; without even the implied warranty of
MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE. See the
GNU General Public License for more details.
You should have received a copy of the GNU General Public License
along with this program; if not, write to the Free Software
Foundation, Inc., 51 Franklin Street, Fifth Floor, Boston, MA 02110-1301, USA.
Also add information on how to contact you by electronic and paper
mail.
If the program is interactive, make it output a short notice like this
when it starts in an interactive mode:
Gnomovision version 69, Copyright (C) year name of author
Gnomovision comes with ABSOLUTELY NO WARRANTY; for details
type `show w'. This is free software, and you are welcome
to redistribute it under certain conditions; type `show c'
for details.
The hypothetical commands \`show w' and \`show c' should show the
appropriate parts of the General Public License. Of course, the
commands you use may be called something other than \`show w' and
\`show c'; they could even be mouse-clicks or menu items--whatever
suits your program.
You should also get your employer (if you work as a programmer) or
your school, if any, to sign a "copyright disclaimer" for the program,
if necessary. Here is a sample; alter the names:
Yoyodyne, Inc., hereby disclaims all copyright
interest in the program `Gnomovision'
(which makes passes at compilers) written
by James Hacker.
signature of Ty Coon, 1 April 1989
Ty Coon, President of Vice
This General Public License does not permit incorporating your program
into proprietary programs. If your program is a subroutine library,
you may consider it more useful to permit linking proprietary
applications with the library. If this is what you want to do, use the
[GNU Lesser General Public
License](http://www.gnu.org/licenses/lgpl.html) instead of this
License.
Creative Planning Closes on Acquisition of Goldman Sachs PFM - sinth.info
Creative Planning, the Overland Park, Kan.-based registered investment advisor run by CEO Peter Mallouk, closed on its acquisition of Goldman Sachs’ Personal Financial Management unit Friday morning. The terms of the deal were not disclosed.
Mallouk said he will revive the United Capital name, and the business will operate as a wholly-owned, independent entity of Creative Planning. It will be based in Irving, Texas, and operate under its own SEC registration and its own management team. Mallouk named Jim Rivers, a former region head of Goldman Sachs PFM for the Americas West Coast region, to lead the new United Capital as president.
In an interview with Wealthmanagement.com, Rivers said the “new” United Capital coming out of Goldman Sachs has 125 advisors in 25 states across 50 offices, and about $20 billion in assets. They will join as W2 employees, and their employment agreements will mimic those they had at Goldman, with the same compensation structures. They also will have the same non-compete and non-solicitation agreements. That includes a 90-day notice provision and six-month non-compete agreement.
There will be no repapering involved; all the advisors custody with either Schwab or Fidelity. While Creative Planning did enter into a multi-billion-dollar custodial agreement with the new Goldman Sachs Advisor Services earlier this year, none of the assets coming with the United Capital advisors are held there, Rivers said.
Indeed, the United Capital that is coming out of Goldman Sachs is smaller than it was when Goldman acquired it from founder Joe Duran in 2019. At that point, United Capital had $25 billion in AUM across 220 financial advisors.
At the end of 2022, Goldman Sachs PFM reportedly managed a little more than $29 billion with 349 investment advisors, according to federal filings.
When Creative Planning first announced the acquisition in late August, the firm gave advisors three choices: Join Creative Planning’s RIA, join the new United Capital, or buy back their business and leave. The vast majority opted to join United Capital, Rivers said, with one or two opting to move to Creative Planning.
Goldman Sachs filed multiple arbitration claims against former PFM advisors to enforce the non-compete agreements these advisors signed.
“PFM advisors made a number of commitments to the firm when they signed their employment contracts, and we intend to hold them to those commitments,” a Goldman Sachs spokeswoman said in an earlier statement. “We take these matters seriously and will take appropriate action against any adviser who attempts to violate their contractual obligations.”
Some $7 billion in assets coming over to Creative Planning’s United Capital are client investments in Goldman Sachs’ own products, Rivers said. Under a deal with Goldman, United Capital’s advisors will keep those investments intact but clients won’t be charged Goldman’s management fees on them, he said.
“The investment platform is not changing; Goldman is still going to continue to manage the assets they were managing for us, and our advisors continue to avail themselves of Goldman Sachs investments,” Rivers said.
At the same time, the advisors will have access to a broader array of investment options than they had at Goldman, and the latitude to make independent choices for their clients, Rivers said.
“Our advisors now will be able to avail themselves to all of the fantastic Creative Planning financial planning tools—estate planning, tax planning, business services, property and casualty insurance, life insurance, Medicare planning,” Rivers said.
The advisors will still have access to the same technology platform that they had inside Goldman, including all the old United Capital tools.
“We’ll be moving that platform over, and the advisors will continue to be able to use that. Honest Conversations, Money Mind, Advisor Center, Guide Center—all that’s coming with us,” Rivers said. “And we’re looking forward to enhancing those products as we move forward as well.”
Beyond Rivers, other members of the United Capital executive team include a mix of Creative Planning and Goldman veterans. Chief People Officer Marie Campion, Chief Compliance Officer Sonja Larimore, Chief Financial Officer Rob Mlenek and Chief Investment Officer Frank Salb all have tenure at Creative Planning.
Head of operations Jon Seiler and chief technology officer Melroy Saldanha are both former Goldman executives.
Duran founded United Capital in 2005. Over 14 years, he built the business into a national RIA through acquisition of individual advisors’ practices and an organic growth strategy focused on financial planning and based on what, at the time, were innovative ways to engage clients in conversations about their life and financial goals. By 2019, Duran said he realized that there were limitations to what the firm could do without the size and scale of a large financial services firm and he made the deal with Goldman Sachs.
Executives at the Wall Street firm saw United Capital as a way to implement a plan to broaden their wealth management services to the mass affluent and lower-end of the HNW market. Many others questioned the ability of a fiercely independent and entrepreneurial registered investment advisory firm to find any cultural alignment with Goldman Sachs. The price for United Capital was $750 million in cash.
Indeed, United Capital struggled to find a home inside Goldman, observers say, and Goldman Sachs has recently retreated from its mass affluent strategy.
Duran exited Goldman Sachs earlier this year, and just recently launched Rise Growth Partners, which will take minority investments in next generation RIAs with between $1 billion and $5 billion in AUM, with the goal of helping them become national RIA platforms.