# Ayco Company

Ayco Company is a Bank / Wealth / Trust based in Chicago, United States.

## Overview

- **Organization type:** Bank / Wealth / Trust
- **Headquarters:** Chicago, United States
- **Region:** North America
- **Address:** Chicago, IL, United States
- **Founded:** 1971
- **Assets under management:** Undisclosed
- **Website:** ayco.com
- **LinkedIn:** linkedin.com/company/ayco-ab

## Regulatory record

- **Reports private funds:** No

## About

Ayco was founded in 1971 and later acquired by Goldman Sachs in 2003, folding the firm into Goldman Sachs Ayco Personal Financial Management. The firm originally positioned itself as a provider of company-sponsored financial counseling, targeting senior executives at large corporations. The wealth-origin context is corporate America — Ayco's client base is built through employer relationships, not a specific family fortune. Ayco delivers financial planning, tax preparation, investment education, and estate planning services through corporate benefits programs. The firm does not operate as a traditional asset manager with a disclosed public portfolio. Its deployment model is human-capital heavy — certified financial planners and tax professionals serving employees of Fortune 500 companies. Goldman Sachs integrated Ayco alongside United Capital, which it acquired in 2019, to scale its mass-affluent wealth management strategy outside the ultra-high-net-worth private wealth division. The combined entity operates under Goldman Sachs Personal Financial Management. Scale metrics are not publicly broken out for Ayco as a standalone unit within Goldman Sachs. The parent firm's consumer and wealth management division reported roughly $1.5 trillion in client assets across all channels. In May 2019, Goldman Sachs completed its $750 million acquisition of United Capital, which was subsequently merged with Ayco to form the Goldman Sachs Personal Financial Management unit. Ayco's structural differentiator is its corporate-embedded distribution model. Rather than competing for individual clients through advisors or digital platforms, Ayco is sold to employers as an executive benefit — giving Goldman Sachs a captive pipeline of high-income professionals who are onboarded through their workplace, often before they accumulate traditional private-wealth thresholds.

## Questions

### Who runs investment decisions at Ayco?

Ayco does not operate as a discretionary investment manager for client portfolios. The firm provides financial counseling, tax preparation, and education — investment decisions remain with the client or are managed elsewhere within Goldman Sachs. The Personal Financial Management unit, which includes Ayco, reports through Goldman Sachs' consumer and wealth management division.

### How does Ayco source its clients?

Ayco sources clients exclusively through corporate relationships — employers offer Ayco's services as part of executive benefits packages. This embedded distribution model gives the firm access to high-income professionals without traditional retail marketing or advisor-driven client acquisition. The corporate sponsor, not the individual, is often the initial paying client.

### How is Ayco related to Goldman Sachs Private Wealth Management?

Ayco sits within Goldman Sachs' consumer and wealth management division but operates separately from the Private Wealth Management unit, which serves ultra-high-net-worth individuals and family offices. Ayco targets corporate executives and employees — often earlier in their wealth accumulation — while PWM serves clients with substantially larger existing assets.

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Last updated: 2026-06-03T20:00:00.000Z

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