Personal Finance has been delegated by Goldman Sachs to Creative Planning

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Creative Planning, a financial counselor, has agreed to buy Goldman Sachs’ personal finance division.

The transaction was revealed on Monday (Aug. 28), one week after Goldman said that it was considering selling its personal financial management (PFM) division as part of its shift away from retail banking.

Creative is one of the country’s largest registered investment advisers (RIA), with over 2,100 employees and $245 billion in assets under management and advisement, according to a news release.

“Creative’s wealth management teams will continue to have access to investment solutions and services from Goldman Sachs Asset Management as it builds a leading investment management platform,” according to the release, which notes that Creative formed a strategic custody relationship with Goldman Sachs Advisor Solutions (GSAS) last month.

“Building on our existing custody relationship with Goldman Sachs Advisor Solutions, an expanded partnership with Goldman Sachs is a natural, strategic fit,” said Creative Planning president and CEO Peter Mallouk.

“We are delighted to welcome PFM’s talented advisers as we continue to strive to be the leading adviser in the independent space.” We will work together to deliver entire wealth and investment management planning and solutions to HNW [high net worth] investors.”