Goldman has made investment products and funds for RIAs, as well as operated several RIAs in its asset management business for years. The Folio acquisition will build out the services Goldman already provides, and give it access to Folio's technology, as well as the ability to earn fees from being the custodian of assets for other firms. By joining Goldman, Folio said it gains a global audience to market its investment technology to, a long-term goal of the firm, Folio Chief Executive Steven Wallman wrote in the letter to customers.

https://money.usnews.com/investing/news/articles/2020-05-14/goldman-sachs-to-buy-boutique-wealth-management-custodian-folio