The sale comes as Goldman is in a bit of transformation.
Goldman Sachs is selling its Personal Financial Management business to Creative Planning, an Overland Park-based registered investment advisor.
As of the end of 2022, Goldman’s PFM business had approximately $29 billion in assets under supervision, according to regulatory filings. The unit amounted to “a very small component of our overall wealth franchise,” the bank said last week. For comparison, the whole of Goldman’s wealth management business, which caters to so-called ultrahigh net-worth customers, has $1 trillion in assets under supervision spread across 16,000 clients.
In an interview with Barron’s, Nachmann explained that Goldman has a “history of excellence” in serving ultrahigh net worth individuals and workplace growth and the bank realized the best way for it to serve the mass affluent population is through distributing products to RIAs through its asset management business.
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