Goldman Sachs Launches New SMA Strategy to Rival Schwab and Fidelity

Key Facts

In a strategic move to capture a larger share of the wealth management market, Goldman Sachs has launched a proprietary long/short separately managed account (SMA) strategy tailored for Registered Investment Advisors (RIAs). The new offering aims to challenge established rivals Schwab and Fidelity by integrating sophisticated hedge fund solutions with tax-aware direct indexing. This initiative reflects Goldman's intent to provide institutional-grade investment tools to independent advisors who have recently faced higher costs or restricted access to similar products on competing platforms.

This expansion comes as major financial institutions pivot toward fee-based advisory services to offset volatility in traditional investment banking, with Goldman Sachs (GS) shares priced at $1,065.22 per market data (close July 17, 2026). For context, competitor Charles Schwab (SCHW) closed at $102.8 on July 16, 2026, while peer Morgan Stanley (MS) stood at $102.80 as of its July 16 close. The launch underscores a broader sector trend where premium wealth services are becoming a primary battleground for assets under management.

Market participants should watch for the adoption rate of this strategy among RIAs as a gauge of Goldman's success in penetrating the retail-adjacent advisory space. With GS trading at current levels following the July 17 close, future catalysts include broader macroeconomic shifts and upcoming Fed commentary, which may influence investor sentiment and capital flows into sophisticated tax-managed investment vehicles.