Goldman Sachs Continues Strategic Revamp, Sells Wealth-Advisory Unit

Goldman Sachs has agreed to sell its personal financial management unit to competitor Creative Planning, with the transaction expected to close in Q4 2023. The sale is part of CEO David Solomon's efforts to unload or shutter businesses tied to the bank's retail banking plan. The PFM business was deemed too small in the context of Goldman's larger aspirations in wealth and asset management. Selling the unit will help boost profit margins in Goldman's asset and wealth management division. Creative Planning is a Kansas-based registered investment advisor with over 2,100 employees and $245 billion in assets under management and advisement.