Goldman Sachs CEO David Solomon has announced that the company's decision to divest its mass affluent wealth business, Personal Financial Management, after four years allows the firm to refocus on its core business of serving ultra-wealthy customers. 

This strategic move was part of a plan developed 18 months ago when Goldman's executives concluded that allocating resources to the growth of its ultra-high net worth Private Wealth Management unit would be more beneficial, as reported by AdvisorHub. 

Solomon emphasized that boosting fee-based revenue in the asset and wealth division would support the company's earnings, even in the face of recent market volatility. Goldman's executives previously outlined their strategy during their annual investor day, highlighting the importance of alternative investment products with higher fees compared to traditional equity and fixed-income investments. The company has set ambitious targets, aiming to achieve $225 billion in cumulative alternatives fundraising and generate $2 billion in fees related to alternatives by 2024.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.