With its purchase of Goldman Sachs’ Personal Financial Management unit scheduled to close in the fourth quarter, Creative Planning is busy trying to figure out exactly how much of the business will ultimately move over.
Creative Planning President Peter Mallouk said Tuesday that he fully recognizes not everyone now working at the Goldman wealth management unit, with $29 billion under management, will make the transition over to his firm. He said he and his colleagues plan to spend the next few weeks meeting with the Goldman Personal Financial Management unit’s roughly 200 advisors working in some 70 offices in the U.S.
“We only want people that fit in with our lines of business,” said Mallouk, whose Overland Park, Kansas-based firm has roughly 2,100 employees and $245 billion in assets under management. “We are working toward that understanding. We want clients to be in a spot that makes sense and a team that’s happy to work for Creative Planning.”
