Goldman pitches a personal CFO to the ultrawealthy

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Subscribe to enjoy similar stories. For years, Goldman Sachs’s private-wealth team has focused on providing investment advice to the ultrarich. Now, it wants to organize their financial paperwork, manage their house staff and find them home insurance.

Goldman recently rolled out a family office within its private-wealth management division, part of a broad effort to expand services it provides to the most affluent. Those clients are increasingly important for the firm’s strategy to diversify its revenue beyond dealmaking and trading. The bank is pitching clients a personal chief financial officer as part of a team that manages their day-to-day lives and prepares for big life events—everything from tax and estate planning to paying their bills to helping them get financing for a jet.

Have a charitable foundation? Goldman can help run it. Need a cybersecurity firm to make sure hackers can’t break through your personal Wi-Fi? It’ll do that too. Goldman is touting this offering as an alternative to the headaches wealthy clients may get from hiring employees for their own family offices and managing family dramas that can come along with it.

The fees Goldman charges clients for their private family office go into a critical revenue-generating bucket it calls management and other fees, which hit a record $2.62 billion in the third quarter. The bank made $7.6 billion in these fees through September and says it is on track to hit its annual target of $10 billion. That’s up from $6.8 billion in 2020.