Goldman Sachs continues its withdrawal from mass-market banking by selling its Personal Financial Management (PFM) division to Creative Planning.
The PFM company was purchased by Goldman in 2019 for USD 750 million as part of CEO David Solomon’s push into the consumer market. Through an internal network of registered investment advisors, the unit serves the mass affluent. It currently oversees client assets worth USD 29 billion.
Solomon is now abandoning the consumer strategy, so Goldman is selling PFM to Creative, a wealth management company that just established a strategic custody arrangement with Goldman Sachs Advisor Solutions.