Goldman Sachs Personal Financial Management
| Company type | Division |
|---|---|
| Industry | Wealth management |
| Predecessor | United Capital |
| Founded | 2005 |
| Founder | Joe Duran and team |
| Fate | Acquired by Creative Planning in November 2023 |
| Headquarters | United States |
Area served | United States |
| Products | Wealth management services for high-net-worth individuals |
Number of employees | 350 (2008) |
Goldman Sachs Personal Financial Management (GSPFM) served as a wealth management branch within Goldman Sachs, catering specifically to high-net-worth individual clients. The division maintained a presence through 74 offices nationwide in the United States and oversaw assets totaling around $25 billion.
In November 2023, GSPFM was acquired by Creative Planning.
By the year 2021, the typical client held an average of $1.3 million in assets managed by this segment. In contrast, Goldman Sachs Private Wealth Management focuses on ultra high-net-worth individuals possessing investable assets of $10 million or more.
History
Originally established in 2005 under the name United Capital, Goldman Sachs Personal Financial Management began as a collective of independent advisory firms across the country, initially funded and created by Joe Duran and his team.
Through acquisitions such as Maul Capital Management, Integrated Financial Management, and Trevethan Capital Partners, United Capital expanded to 47 offices staffed by 350 employees by 2008. By 2010, the firm employed over 150 individuals and generated $30 million in revenue. Its most significant acquisition occurred in 2012 with Zirkin, a $1.6 billion firm previously affiliated with M&T Bank.
On May 16, 2019, Goldman Sachs purchased United Capital for $750 million, subsequently rebranding it as Goldman Sachs Personal Financial Management on January 30, 2020.
In August 2023, Goldman Sachs reached an agreement to divest this division to registered investment advisor Creative Planning, with the transaction finalized in November.