tldrdaily.news logo
Tag

Personal Financial Management

All articles tagged with #personal financial management

finance2 years ago

Goldman Sachs Sells Off Investment Advisory Business, Creative Planning Steps In

Goldman Sachs has agreed to sell its $29 billion Personal Financial Management (PFM) unit to Creative Planning, a Kansas-based Registered Investment Advisor (RIA). The move is part of Goldman's strategy to refocus on its core client base of ultra-high net worth investors. The sale is expected to positively impact the wealth division's finances and boost its profit margin. Creative Planning, one of the largest private investment advisors in the US, is well-positioned to take over Goldman's PFM unit.

via Investopedia|
#creative-planning#finance#goldman-sachs
finance2 years ago

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.

via CNBC|
#asset-management#creative-planning#finance
business2 years ago

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.

via Goldman Sachs|
#business#creative-planning#goldman-sachs
finance2 years ago

Goldman Sachs Contemplates Selling Investment-Advisory Unit in Strategic Shift

Goldman Sachs is considering selling its investment advisory unit, Personal Financial Management (PFM), in a move that would reverse CEO David Solomon's strategy to expand the bank's clientele beyond the ultra-rich. The unit manages around $29 billion in assets. This potential sale follows Goldman's decision to sell its online consumer lending business, GreenSky. The bank's struggles this year have caused a rift between Solomon and his predecessor, Lloyd Blankfein, who denied reports of offering to return to the firm to assist Solomon. Goldman's earnings for the second quarter fell 58% and its stock price has declined.

via New York Post |
#asset-management#david-solomon#finance