US-based banking group Goldman Sachs has announced the sale of its Personal Financial Management unit to Creative Planning . Under this new arrangement, Creative's wealth management teams will maintain access to investment solutions and services from Goldman Sachs Asset Management.

This move aligns with Creative's efforts to establish a robust investment management platform. In July 2023, Creative initiated a strategic custody relationship with Goldman Sachs Advisor Solutions (GSAS). Goldman Sachs offers a wide spectrum of investment solutions across major asset classes, and by collaborating with wealth managers such as Creative, Goldman Sachs Asset Management can offer tailored solutions and various public and private alternative products for high-net-worth investors (HNW) through its third-party wealth business.

GSAS provides independent advisors access to institutional-grade solutions, custody, as well as banking and lending services to cater to the distinct requirements of their clients. The transaction is anticipated to be finalised in the fourth quarter of 2023 and yield a gain. Representatives from Goldman Sachs talked about the transaction and emphasised its potential to support the group's goals and targets.

They also emphasised their plans to continue to support PFM and other Creative advisors by providing them with access to their investment solutions. Officials from Creative Planning talked about this expanded partnership with Goldman Sachs and described it as a natural, strategic fit. They also emphasised the qualities of PFM advisors and expressed their commitment to being the leading advisor in the independent space.  Goldman Sachs presented plans during its investor day earlier in the year to sustain the growth of its proprietary wealth channels.

More information about Goldman Sachs and Creative Planning Founded in 1869, the Goldman Sachs Group is a global financial institution offering a wide array of financial services to a diverse clientele, including corporations, financial institutions, governments, and individuals. Headquartered in New York, the firm maintains a presence in major financial centres around the world. In April 2023,  Goldman Sachs announced the launch of a transaction banking business in Japan to offer corporate customers in the country services such as deposits, cash management, and cross-border payments.

The decision was reportedly made in the backdrop of the global economic slowdown, as it hits investment banks, driving some to push for new revenue streams. Creative Planning operates as an independent wealth management firm, known for its financial planning-led investment management approach. The firm offers services such as retirement planning, estate planning, trust services, tax planning, and family office services for individuals, along with 401(k) and institutional clients.

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