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The Wall Street bank, which did not disclose the sale price, said the transaction is expected to close in the fourth quarter and result in a gain.
The latest sale is part of a shift in strategy after CEO David Solomon reorganized the firm into three units last year and scaled back ambitions for its consumer business, which lost $3 billion in the last three years.
Goldman bought the registered investment adviser, formerly known as United Capital Financial Partners, for $750 million in 2019 when it managed about $25 billion in funds.
Creative Planning is an independent wealth management firm with more than 2,100 employees across its affiliates and $245 billion in combined assets under management and advisory.
“It is margin accretive to Asset & Wealth Management and allows us to focus on the execution of our premier ultra-high net worth wealth management and workplace growth strategy,” said Marc Nachmann, Goldman Sachs global head of Asset & Wealth Management in a statement.
The bank can serve high net worth investors through RIA and other wealth management clients, such as Creative Planning, he said.
Shares of Goldman Sachs were up 1.3% in late morning trade.
Goldman Sachs & Co (NYSE:GS) LLC is serving as financial advisor and Weil, Gotshal & Manages LLP is serving as legal counsel to Goldman Sachs.
Goldman is also pushing ahead with a sale of its fintech business, GreenSky and has also offloaded the bulk of its unsecured consumer loans after it halted this kind of lending last year.
