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.