Meet Richard Lofgren, Rear Admiral in the United States Navy and Managing Director at Goldman Sachs

Richard Lofgren, a managing director in Global Banking & Markets and head of Advisor Engagement for Registered Investment Advisor (RIA) Custody in the United States, was confirmed on December 5 by the Senate to the rank of Rear Admiral in the United States Navy.

Richard joined the Navy in 1993 and, upon separation from active duty, started a career in financial services. He has maintained his commitment to his country as a United States Navy Reservist, now serving as Vice Commander for the United States Naval Forces Southern Command and Vice Commander for the United States Fourth Fleet.

We had an opportunity to sit down with Richard to learn more about his enduring commitment to serving his country and discuss his observations on leadership, high-performing teams and interesting parallels between Goldman Sachs’ culture and that of the Navy.

Richard, congratulations on this remarkable achievement.  How did you learn the news?

First, I will say that it’s incredibly humbling to receive this honor – never in my wildest dreams did I think I would still be serving 30 years after first joining the Navy. To be able to wear this star – for me it’s a way to shine a light on those who serve, and to recognize what so many of my Navy teammates have done over the course of those 30 years.

In terms of how I learned the news, it’s actually become a Goldman Sachs story, in addition to a Navy story. The results of the promotion board, which comprises other senior and flag officers from their branch of service, were signed by the President in March. The Senate must confirm nominees before officers can be promoted, and as many of you know, there were delays due to a hold on en bloc voting for military promotions. The confirmation vote did not happen until Tuesday, December 5.

I was out of the office at the time, and it was my manager, Adam Siegler, who shared the announcement with me – he had been monitoring the news nonstop, and blew up my cell phone when the vote happened. 

That call will always be very special to me. The fact that I learned about the finality of the vote through Goldman Sachs – well, it’s a unique representation of how my careers in the Navy and at the firm are intertwined.  

What does this recognition mean to you and your family?

My family are probably the ones who have sacrificed the most. In some ways, it can be easier to be the person who is deployed, because you are surrounded by your team, all in it together. The hardest job is that of the families who stay behind, not knowing what you do day to day, where you are, and if you are in harm’s way. As I reflect on this honor, in addition to my teammates, I feel immense gratitude to my family for bearing this burden each time I was deployed. 

You have been deployed while working at Goldman Sachs.  What was that experience like?

Most recently, I was in Djibouti for the better part of a year.  I broke the news of my deployment to my team, and right away they said, “We’ve got it.” I was getting ready to go to a combat zone, and preparing mentally and physically as well as with my family. My team at Goldman Sachs immediately were saying “Give me this” and “Let me grab this off your plate.” The help was incredible, and candidly I was almost resisting how quickly they mobilized to support me!  Because at that point, my Goldman Sachs work was what kept me connected to a bit of normalcy before my deployment. 

After that, I don’t know how they did it, but the way my team stayed in touch and checked in – call it luck or happenstance – well those messages always reached me when I needed them most. And those notes weren’t just from my team in the US. I received messages from colleagues who are veterans and based in Goldman Sachs locations around the world, from the UK to India. 

People didn’t care what branch, flag or country they represented, they reached out because we share a common belief in service. 

What lessons in leadership have you gained from your time in the Navy, and how do they apply to your role at Goldman Sachs?

One of the most important things I have learned is to make sure everybody has the opportunity to have a voice. Even if you’re not the decision maker, you have a perspective on things. Even if you’re the quietest person in the room, you have an opinion. Your job as a leader is to get that engagement from your entire team where they have a chance to voice those perspectives as you think about the way forward on things. Not only does it lead to better decisions, it also binds the organization together. 

I also believe that good leaders and teammates alike are curious about the people around them. I’ve never felt that I had to inspire teams, I get inspired by them. 

And, since coming back I’ve reflected on the value of perspective. Sometimes, what we think is critical, the decisions we’re making – yes, they’re important, but most of the decisions we make on a day-to-day basis, they’re not life and death.  Slowing down in some areas can be beneficial to make more impactful decisions.

It’s actually energizing to see the similarities in what drives high-performing teams, whether it’s in the Navy or at Goldman Sachs. We’re all service-driven people, and there is certainly an alignment between the culture of the military and Goldman Sachs’ culture and values.

In your role as head of Advisor Engagement for RIA Custody in the US, how do you maintain a client service orientation in everything you do?

Independent advisors are looking for solutions as they think about growing their business. They own their own firms, they are entrepreneurs – so when they turn to us, they have unique needs. Our role is to help them think through what’s possible for their clients. It’s an opportunity for us to demonstrate our own entrepreneurial spirit.

Going back to my point about being intellectually curious and getting to know people, my role is to spend time with clients in person, ask a lot of questions, and understand their hopes and fears. For us, winning comes from taking the time to do that due diligence to be able to provide customized solutions that solve complex situations for clients. And when I look across the firm, Goldman Sachs teammates really like that challenge of making the hard easy for an advisor, so that they have the tools to grow their firm.

It’s clear that your teammates mean the world to you, both in the Navy and at the firm. What role do they play in helping you stay resilient?

There are times when you may not be resilient, but your teammates will be. Like with all relationships in life, building the highest performing teams requires being able to know when to lend support, and when to ask for it. Whether you’re at 90 percent one day and your teammate is at 10 percent, or vice versa, we all need help. So it’s about building team resilience, rather than focusing on individual resilience. 

In addition to your role in Global Banking & Markets, you serve as sponsor of the Dallas Veterans Network. How would you describe the network’s impact in sustaining a supportive environment for service members?  

Goldman Sachs’ Veterans Network is a fabric of people from every possible background, but with a thread that’s pulled through across the board – some kind of connective tissue to the military. So many of our people at the firm are incredibly supportive of their teammates who are serving their country, as well as of service members’ families.   

The amount of networking and mentorship, both formally and informally, that happens as part of the network is staggering. Anyone here will stop what they’re doing for another veteran, united by shared sacrifice and a common purpose of service. I see people making connections, sharing advice – it’s heartwarming.