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The Goldman Sachs Group Inc.
Goldman's decision to maintain a highly selective ultra-high-net-worth positioning in private wealth management — requiring minimum investable assets typically exceeding $10 million — meant that the firm did not develop the retail wealth management distribution infrastructure that Morgan Stanley built through E*Trade and Eaton Vance acquisitions. Morgan Stanley's wealth management client assets now exceed $6 trillion versus Goldman's more selective but substantially smaller private wealth franchise, representing a recurring fee revenue opportunity that Goldman's positioning choices effectively ceded to a direct competitor.