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An employee at Goldman Sachs.

Creative Planning to Buy Goldman Sachs’ Personal Financial Management Unit

The former United Capital business, bought by Goldman in 2019, will bring Creative Planning’s total assets to nearly $275 billion.

Goldman Sachs has agreed to sell its Personal Financial Management unit to Kansas-based Creative Planning, the firm announced Monday.

One of the largest registered investment advisory firms in the nation, Creative Planning comprises more than 2,100 employees overseeing more than $245 billion in advised and managed assets as of July 1. Goldman Sachs PFM managed a little more than $29 billion across 781 advisors at the end of last year, according to federal filings.

Creative, which entered into a multi-billion-dollar custodial agreement with Goldman Sachs Advisor Solutions earlier this year, will continue to access investment services through Goldman Sachs Asset Management.

“Building on our existing custody relationship with Goldman Sachs Advisor Solutions, an expanded partnership with Goldman Sachs is a natural, strategic fit,” Creative owner, President and CEO Peter Mallouk said in a statement. “We welcome the talented advisors from PFM as we remain committed to being the leading advisor in the independent space.”

 “This really helps Creative Planning on its mission to become the leading independent wealth management firm in the United States. The scale helps us gain access to the best investments possible for our clients and at the best pricing possible,” Mallouk told Wealth Management.

The transaction is expected to close in the fourth quarter of this year. Terms of the deal were not disclosed.

Goldman, which created the mass-affluent wealth management unit out of it purchase of United Capital in 2019, grew by around $4 billion in four years, but it has had a difficult time successfully integrating the business, according to reports.

“This transaction is progress toward executing the goals and targets we outlined at our investor day in February,” according to Marc Nachmann, Goldman Sachs Global Head of Asset & Wealth Management. 

“It is margin accretive to Asset & Wealth Management and allows us to focus on the execution of our premier ultra-high net worth wealth management and workplace growth strategy and to serve HNW investors through RIA and other wealth management clients, such as Creative Planning,” he said.

Gotshal & Manages is serving as legal counsel to Goldman Sachs.

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