Goldman Sachs to Sell Mass-Affluent Advisory Unit to Creative Planning 

Goldman Sachs agreed to sell its nearly $30 billion mass-affluent wealth management unit, Personal Financial Management, to Creative Planning, a $245 billion Overland Park, KS-based registered investment advisor giant. 

Led by Peter Mallouk, General Atlantic-backed Creative will continue to have access to investment solutions and services from Goldman Sachs Asset Management as it builds its platform. In July 2023, Creative entered into a strategic custody relationship with Goldman Sachs Advisor Solutions (GSAS). 

The transaction ends Goldman Sachs’ venture into mass-market financial advice, which began when the bank spent $750 million in 2019 to acquire RIA United Capital Financial Advisors and rebrand it as Goldman Sachs Personal Financial Management. 

The transaction is slated to close in the fourth quarter of 2023, with the company profiting from its initial investment in United Capital Financial Advisors. 

“It is margin accretive to Asset & Wealth Management and allows us to focus on the execution of our premier ultra-high net worth wealth management and workplace growth strategy and to serve HNW investors through RIA and other wealth management clients, such as Creative Planning,” said Marc Nachmann, Goldman Sachs Global Head of Asset & Wealth Management. 

It was recently reported that Goldman Sachs was considering selling Personal Financial Management, as it shifts its attention to ultra-rich clients. 

In 2019, the investment bank purchased the registered investment advisor, formerly United Capital Financial Partners, for $750 million when it managed about $25 billion in funds.