Goldman Sachs, known for its dominance in investment banking, is now focusing on expanding wealth and asset management services. Ranked No. 1 in global M & A activity, the firm aims to challenge its peers in this less-crowded sector. This shift could help diversify revenue streams and provide more stability in volatile markets.

With a plan to grow their asset and wealth management division, Goldman is allocating more resources to hiring advisors and expanding internationally. The firm aims to service ultra-high-net-worth clients and increase lending services to attract new clients. This strategic move could lead to long-term growth and market share expansion.

Goldman is introducing a private credit product for retirement plans, focusing on illiquid private assets that offer higher returns. By targeting the retirement channel, the firm aims to provide alternatives exposure to clients, leveraging the stability and long-term growth potential of these assets. This move aligns with industry trends towards democratizing alternative investments.

Using generative AI technology, Goldman is enhancing efficiency and productivity in its asset and wealth management division. Advisors can utilize AI tools to analyze client portfolios, optimize asset allocation, and identify investment opportunities. This technology is expected to accelerate in the coming years, providing valuable insights for advisors and clients.

Read more at CNBC: How Goldman Sachs aims to dominate another corner of Wall Street