Goldman Sachs has pushed back this year’s planned launch of a digital wealth management platform and is slowing its hiring of advisers. The platform, the latest step in Goldman’s move into mass market wealth management, would now go live in 2021.
The launch was designed to build on Goldman’s $750m acquisition of wealth adviser United Capital last year, offering online services to those with as little as $5,000 to invest, United boss Joe Duran told the Financial Times in December. “While we continue to pursue growth in our overall wealth franchise, we are acting prudently in the current environment,” Mr Waldron said. “We have decided to slow our adviser hiring activity for this year, and we will defer the launch of our digital wealth offering into 2021.”