As part of that push, the firm hopes to broaden its reach in wealth management to the so-called mass affluent. For years, the bank has mostly targeted clients with at least $25 million to invest for white-glove service from its private wealth management group. Then last year, Goldman acquired boutique wealth management firm United Capital to help it serve single-digit millionaires.

Source: https://www.cnbc.com/2020/12/22/goldman-sachs-once-reserved-for-the-rich-is-close-to-offering-wealth-management-for-the-masses.html


A boutique is a fancy store (from French). The implication is that the store (or in this case, the wealth management firm) targets a smaller, wealthier clientele with more expensive goods (or in this case services).

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