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Goldman Sachs Personal Financial Management

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Goldman Sachs Personal Financial Management
FormerlyUnited Capital
Company typeDivision
IndustryFinancial services
Founded2005 (2005)
Founders
  • Joe Duran
  • Bob Doede
Defunct2023 (2023)
FateAcquired
SuccessorCreative Planning
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 (2023)
Parent
Websitewww.goldmanpfm.com[dead link]

Goldman Sachs Personal Financial Management (GSPFM) was a former division of Goldman Sachs responsible for wealth management of high-net-worth individuals.[2] It had 74 offices in the United States and managed $25 billion in assets.[1][3]

In November 2023, it was announced that Creative Planning had completed the acquisition of GSPFM.[4]

In 2021, the average customer had $1.3 million in assets managed by the division.[5] A separate division, Goldman Sachs Private Wealth Management, serves ultra high-net-worth individuals where customers have at least $10 million in investable assets.[6]

History

[edit]

Goldman Sachs Personal Financial Management was founded in 2005, under the name United Capital, as a national network of independent advisory firms.[7] The company was initially founded, financed and developed by Joe Duran and his business colleagues.

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]

By 2010, United Capital had over 150 employees and $30 million in revenue.[10] 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.[11]

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.[12]

In August 2023, Goldman Sach's agreed to sell the unit to registered investment advisor Creative Planning.[13] The acquisition was completed in November.

References

[edit]
  1. ^ a b 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. ^ "Creative Planning, LLC completed the acquisition of Goldman Sachs Personal Financial Management from The Goldman Sachs Group, Inc. (NYSE:GS)". Market Screener. 3 November 2023. Retrieved 2023-12-15.
  5. ^ Pendleton, Devon. "How Goldman Sachs Is Getting Cozy With Main Street Investors and Their Money". ThinkAdvisor. Retrieved 2023-06-05.
  6. ^ "Relationship with Goldman Sachs Private Wealth Management" (PDF).
  7. ^ Gil Weinreich (2015-04-15). "United Capital's Duran: Wealth management is dead. Long live life management!". Think Advisor. 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. ^ Diana Britton (2014-04-14). "Joe Duran's journey out of chaos". Wealth Management.com. Retrieved 2015-10-20.
  11. ^ United Capital scoops up a $1.6 billion wealth manager from M&t, Elizabeth MacBride, January 13, 2011, Forbes, February 25, 2016
  12. ^ "Goldman Sachs Puts Its Name on United Capital". Barron's. January 29, 2020. Retrieved January 30, 2020.
  13. ^ Son, Hugh (2023-08-28). "Goldman Sachs unloads another business acquired under CEO David Solomon". CNBC.
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