Goldman Sachs, the US investment banking and securities giant, is set to revamp its online business in order to cater for investors with $25m or more of assets to play with. Goldman Sachs also plans to change the way clients using its online wealth platform are dealt with, choosing like other financial services players to adopt the more "personal touch."
The first step for Goldman Sachs is to change the name of its online business to show that it is moving into the serious wealth market. The move looks set to segregate further Goldman Sachs' big account-holders and its smaller investors. An unnamed official at the company said investors with accounts upwards of $25m million have different needs than those with $5m or $10m.
The new Wealth Management platform supplies dedicated teams and relationship managers based in New York and Salt Lake City to provide a more personal service. The main difference between the accounts for the ultra-wealthy and the merely wealthy will be the amount of services and products offered, such as access to initial public offerings (IPOs) and Goldman Sachs research.
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