By News Zier Editorial Team | Reviewed and approved by Editor-in-Chief to ensure accuracy and integrity.
New York, NY – A prominent wealth adviser has leveraged strategic deals with Goldman Sachs and TPG to build a staggering $11 billion fortune, highlighting the growing power of elite financial players in the evolving wealth management landscape.
Goldman Sachs’ Retreat from Personal Wealth Management
Goldman Sachs, long a dominant force on Wall Street, has continued its strategic shift away from mass-affluent wealth management. The bank recently sold its Personal Financial Management unit—responsible for managing approximately $29 billion in assets—to Creative Planning LLC. This move underscores Goldman’s renewed focus on ultra-high-net-worth clients, stepping back from the broader wealth advisory sector.
Creative Planning, one of the fastest-growing independent wealth management firms, now oversees around $240 billion in assets, with this acquisition significantly strengthening its market position.
TPG’s Billion-Dollar Bet on Wealth Management
Private equity giant TPG has also positioned itself aggressively in the wealth advisory space. The firm is acquiring a $2 billion stake in Creative Planning, valuing the wealth manager at more than $15 billion. The deal underscores private equity’s increasing interest in wealth management, recognizing its stability, lucrative fees, and long-term growth potential.
The Rise of Private Wealth in M&A
High-net-worth individuals and family offices are becoming increasingly active in private equity deals. In 2024, billionaire-backed family offices participated in nearly $20 billion worth of mergers and acquisitions, solidifying their growing influence in financial markets. The ability of private capital to bypass traditional investment routes is reshaping deal-making dynamics, favoring agile, well-connected firms.
A Financial Power Play
The wealth adviser’s $11 billion fortune is a testament to the expanding role of private wealth and strategic partnerships in modern finance. With Goldman Sachs refining its priorities and TPG doubling down on the sector, the broader wealth management industry is entering a new phase of consolidation and capital-driven transformation.
Disclaimer: This article was informed by reports from Bloomberg and adapted by News Zier Editorial Team for clarity and additional context.
For more details: visit the original report on Bloomberg.