Goldman Sachs is set to purchase another US wealth management firm, as it edges further into the mass affluent private wealth space.

The target firm is Folio Financial, an investment brokerage and custodian with $11 billion under management on behalf of registered investment advisers (RIAs).

The value of the deal was not disclosed. It follows Goldman’s $750 million landmark purchase of United Capital Financial Partners in 2019. United Capital at the time had $25 billion under management and a network of 220 finan...