David Solomon confirmed that the management unit of Goldman Sachs is all set to set up a company called Creative Planning which is their competitor. When Goldman announced its $750 million acquisition of United Capital Financial Partners in May 2019, it also added a team of around 220 financial advisors handling $25 billion in assets.
When the purchase was announced, CEO David Solomon considered it as a chance for Goldman to expand its clientele beyond the ultra-rich, which is its major strength, to those who are just wealthy and may have a few million dollars to invest.
The PFM firm, however, was viewed as too tiny in the context of Goldman’s wider objectives in wealth and asset management during Solomon’s attempt to dispose of or close multiple businesses connected to his disastrous retail banking plan.
In February, Goldman claimed to have only 1% of the market for high net worth individuals, or those with between $1 million and $10 million to invest.
Trendy News:
~News Source: http://rb.gy/cgrfj
~Image Source: http://rb.gy/ff5c7
About Author
