With a view of strengthening the wealth management unit, The Goldman Sachs Group GS has inked a deal to acquire Folio Financial. The transaction is expected to close in third-quarter 2020.Folio Financial is a boutique wealth management custodian and technology company with $11 billion in assets under custody for registered investment advisers.The move comes one year after Goldman’s purchase of United Capital to expand its client base and get access to the latter’s enhanced digital platform.The latest acquisition will bolster Goldman’s current offerings by giving it access to Folio Financial’s technology and ability to earn fees from being the custodian of assets for other firms.“The combination of Folio’s patented technologies and services with Goldman Sachs’ investment solutions and access to global resources will create material value for our clients.” said Steven Wallman, CEO of Folio Financial.Wealth Management Expansion Drive in Wall StreetIn February 2020, Morgan Stanley MS entered into an all-stock acquisition deal with Arlington, VA-based E*TRADE Financial ETFC, per which, the former will acquire the latter for $13 billion. Post the deal completion, Morgan Stanley will be well positioned as a leader in the Wealth Management industry across all channels and wealth segments, with a significant increase in the scale and breadth of its franchise.Franklin Resources’ BEN wholly-owned subsidiary and a global wealth manager, Fiduciary Trust Company International, inked a deal to acquire Athena Capital Advisors. The asset manager entered into the deal with a view of fortifying the wealth-management business through diversification of investment solutions.Our TakeGoldman’s efforts for revenue diversification and stability bode well. Its consumer lending business seems impressive as well. It is tapping into the large addressable market of consumer deposits via the digital consumer lending platform — Marcus. However, Goldman continues to encounter probes and queries from several federal agencies, which remains a concern.Shares of the company have lost 20.6% in the past three months compared with 19.8% decline of the industry.Goldman currently carries a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Zacks Top 10 Stocks for 2020In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2020?Last year's 2019 Zacks Top 10 Stocks portfolio returned gains as high as +102.7%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.Access Zacks Top 10 Stocks for 2020 today >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Franklin Resources, Inc. (BEN): Free Stock Analysis Report The Goldman Sachs Group, Inc. (GS): Free Stock Analysis Report ETRADE Financial Corporation (ETFC): Free Stock Analysis Report Morgan Stanley (MS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research