Goldman Sells Folio's Retail Unit, Keeps RIA Business

"But given the small, under $50,000 average account size of [Folio's] self-directed business that they're offloading to Interactive Brokers, Goldman is signaling they are focused on mass affluent and up — whether through their Personal Financial Management channel (… formerly known as United Capital) or through their budding RIA custody side," Spitzner explained.

Terms of the transaction weren't disclosed, but the parties said Friday it should close in January.

As of Nov. 30, Interactive Brokers had nearly 1.04 million client accounts, up 52% from the prior year. Client assets were nearly $270 billion, a year-over-year jump of 61%.

Folio Investments acquired the accounts of Motif Investing, when it closed its doors in April. 

"Interactive Brokers has long been recognized for its advanced technology, superior pricing, and breadth of product," said CEO Milan Galik, in  statement. "With the transition to our firm, Folio Investments' former clients now will be able to invest in stocks, options, futures, currencies, bonds and funds worldwide from a single, integrated account."

Earlier this year, the firm — which has worked with RIAs for nearly two decades — launched a white-label wealth platform in partnership with TradingFront.