Goldman Sachs sells personal financial management business to Creative Planning

• The transaction is expected to close in the fourth quarter of 2023
• Goldman Sachs is serving as financial advisor and Weil, Gotshal & Manages LLP is serving as legal counsel to Goldman Sachs
• Goldman Sachs has approximately $2.7 trillion in total assets under supervision

Goldman Sachs has sold its personal financial management unit to Creative Planning. No financial terms were disclosed.

Based in Overland Park, Kansas, Creative Planning is a wealth management firm.

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

The transaction is expected to close in the fourth quarter of 2023.

Goldman Sachs is serving as financial advisor and Weil, Gotshal & Manages LLP is serving as legal counsel to Goldman Sachs.

Headquartered in New York, Goldman Sachs was founded in 1869. Goldman Sachs has approximately $2.7 trillion in total assets under supervision.

Creative Planning has more than $245 billion in combined assets under management as of July 1, 2023.