Ann Kaplan, an early female partner at Goldman Sachs, dies at 78

Ann Kaplan, a social worker, was deep into her studies for a Ph.D. in sociomedical sciences when fate intervened.

She accidentally left the voluminous notes for her dissertation in the back of a New York City taxi. Shock and disappointment eventually gave way to the realization that she hadn’t been that happy on her career path, anyway.

Switching gears, Kaplan studied business, joined department. She also was active in the Bond Market Association — now part of the Securities Industry and Financial Markets Association — and led its municipal securities division.

In 1980 she married Robert Fippinger, a securities lawyer who later served as chief legal officer at the Municipal Securities Rulemaking Board. In addition to Andrew they had two more sons, Robert and Randy.

Second Act

In 2000, Kaplan stepped down as head of the Goldman Sachs municipal department to join its private wealth management unit, serving a clientele of highly successful women.

After leaving the firm in 2003, she founded Circle Financial Group, a wealth management membership organization. There, she and 11 other successful mid-career businesswomen would analyze the markets and debate strategy.

Being part of such a group “allows you to hear different opinions,” Kaplan said in 2013, and she likened it to training for a marathon: “When it’s organized, when you know you have to show up on a certain day, people tend to do it.”

Maria Chrin, another ex-Goldmanite who was in that group, went on to open Circle Wealth Management, which today oversees about $12 billion in assets.

Kaplan was its first client and became a partner. “She was really interested in helping women understand their money and not just sign the papers their husbands handed them,” her son said.

At her alma mater, Smith College, Kaplan’s name is on the directorship of the Center for Women and Financial Independence.

“Ann was a trailblazer,” said George Walker, the longtime CEO of Neuberger Berman who was a partner with Kaplan at Goldman Sachs. “She was kind, tough and had great wisdom, often bringing a different and broader perspective to bear.”