The bank agreed to sell a business that oversees about $29 billion in assets and grew out of United Capital, a registered investment adviser it purchased for $750 million. The offloading of the company just four years after Goldman acquired it signals the firm’s intention to refocus its attention on the ultra-rich segment where it has a dominant presence.
Creative Planning is run by Peter Mallouk, who has also written several investing self-help books. Those include a couple with motivational speaker Tony Robbins, who was once the “chief of investor psychology” at Mallouk’s firm. The United Capital acquisition was part of Chief Executive Officer David Solomon’s plan to broaden Goldman’s reach beyond a traditional focus on ultra-wealthy individuals. It gained an instant connection with about 22,000 clients who had a little over $1 million each with the platform. That’s significantly less than Goldman’s typical uber-rich clients, who entrust tens of millions of dollars to the bank.
Mallouk, 53, took over Overland Park, Kansas-based Creative Planning in 2004. It oversees about $110 billion for private clients, with the rest of its assets from services such as managing 401 plans and money for institutional clients. Robbins held a formal role at the firm from 2016 to 2019.
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