Goldman Sachs Sells Wealth-Advisory Unit to Creative Planning in Strategic Deal

Goldman Sachs has announced the sale of its Personal Financial Management (PFM) unit to Creative Planning, a leading Registered Investment Advisor (RIA) with over $245 billion in combined assets under management and advisement. Creative Planning will continue to have access to investment solutions and services from Goldman Sachs Asset Management as it builds its investment management platform. The transaction is expected to close in Q4 2023 and will result in a gain. This move aligns with Goldman Sachs' strategy to focus on ultra-high net worth wealth management and workplace growth, while Creative Planning aims to offer comprehensive planning and solutions for high-net-worth investors.