Goldman Sachs Personal Financial Management

Goldman Sachs Personal Financial Management, is a division of Goldman Sachs responsible for wealth management of high-net-worth individuals,[2] It has 74 offices in the United States and manages $25 billion in assets.[1][3] In 2021, the average customer had $1.3 million in assets managed by the division.[4]

Goldman Sachs Personal Financial Management
TypeDivision
IndustryFinancial services
Founded2005 (2005)
Founders
  • Joe Duran
  • Bob Doede
Headquarters
Newport Beach, California
,
United States
Area served
Worldwide
Key people
  • Joe Duran (CEO)
  • Bob Doede (Chairman)
  • Jon Frojen (CFO)
ServicesFinancial life management, investment management
AUMUS$ 24 billion (2018)[1]
Number of employees
487
ParentGoldman Sachs
Websitewww.goldmanpfm.com

A separate division, Goldman Sachs Private Wealth Management, serves ultra high-net-worth individuals where customers have at least $10 million in investable assets.[5]

History

Goldman Sachs Personal Financial Management was founded in 2005, under the name United Capital, as a national network of independent advisory firms.[6] The company was initially founded, financed and developed by Joe Duran and his business colleagues. By 2010, United Capital had over 150 employees and $30 million in revenue.[7] By 2008, following several acquisitions of investment advisory firms such as Maul Capital Management, Integrated Financial Management, and Trevethan Capital Partners, United Capital was operating with 47 offices and 350 employees.[8][9] The company made its largest acquisition in 2012 when it acquired Zirkin, a $1.6 billion firm that was previously part of M&T Bank.[10]

United Capital was acquired by Goldman Sachs on May 16, 2019, for $750 million and the name of the division was subsequently rebranded as Goldman Sachs Personal Financial Management on January 30, 2020.[11]

In August 2023, Goldman Sach's agreed to sell the unit to registered investment advisor Creative Planning.[12]

References
  1. FA Staff (2015-06-15). "United Capital Acquires Two Firms". Financial Advisor. Retrieved 2015-10-20.
  2. "ABOUT GOLDMAN SACHS PERSONAL FINANCIAL MANAGEMENT". Retrieved 2020-04-05.
  3. Lauren K. Ohnesorge (2015-04-14). "United Capital acquires 30-year-old Chapel Hill advisory firm". Triangle Business Journal. Retrieved 2015-10-20.
  4. Pendleton, Devon. "How Goldman Sachs Is Getting Cozy With Main Street Investors and Their Money". ThinkAdvisor. Retrieved 2023-06-05.
  5. "Relationship with Goldman Sachs Private Wealth Management" (PDF).
  6. Gil Weinreich (2015-04-15). "United Capital's Duran: Wealth management is dead. Long live life management!". Think Advisor. Retrieved 2015-10-20.
  7. Diana Britton (2014-04-14). "Joe Duran's journey out of chaos". Wealth Management.com. Retrieved 2015-10-20.
  8. Dan Jamieson (2013-10-13). "Turning advice on its head". Investment News. Crain Communications. Retrieved 2015-10-20.
  9. "United Capital acquires three". Private Asset Management. p. 6. 2008-12-15.{{cite news}}: CS1 maint: location (link)
  10. United Capital scoops up a $1.6 billion wealth manager from M&t, Elizabeth MacBride, January 13, 2011, Forbes, February 25, 2016
  11. "Goldman Sachs Puts Its Name on United Capital". Barron's. January 29, 2020. Retrieved January 30, 2020.
  12. Son, Hugh (2023-08-28). "Goldman Sachs unloads another business acquired under CEO David Solomon". CNBC.
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