Goldman Sachs announced on August 28th that it has agreed to sell its Personal Financial Management (PFM) division to its competitor, Creative Planning. The transaction is expected to be completed in the fourth quarter of this year.

Marc Nachmann, the Global Head of Asset and Wealth Management at Goldman Sachs, stated in a press release on Monday, "This sale allows us to focus on executing our primary strategy for ultra-high net worth wealth management and workplace growth." Through a strategic partnership with Creative Planning, they will continue to provide support to high net worth clients.

Creative Planning is a leading registered investment advisor (RIA) and one of the largest in the United States.