A financial advisor at Goldman Sachs has left the investment bank’s Private Wealth Management Group to start his own firm and recruited executives from other top wealth managers to join him.
Longtime advisor Gary Hirschberg, a vice president at Goldman Sachs who previously oversaw $1.4 billion in private and institutional client assets, said in a statement Monday he left the bank to found his own registered investment advisory business called Aaron Wealth Advisors.
Hirschberg, a member of the Advisor’s Council at Goldman Sachs, built his practice focused on taxation and philanthropy for multigenerational wealthy families. Before joining Goldman Sachs’ relatively small group of advisors, who are among the most productive in the industry in terms of revenue per wealth manager, he held multiple positions in nonprofit fundraising, including a stint with Georgetown University where he worked with prominent alumni and donors.
He’s also recruited senior employees from other top wealth managers to join him at his new Chicago-based firm.
David VanFossen from BMO Harris Bank is joining to be the chief operating officer and chief compliance officer while Bill Andrakakos is leaving Northern Trust to become the new director of investments at Aaron Wealth Advisors.
Georgette Condos, a senior registered associate for Morgan Stanley’s Hoffmann-Easom-Lannan Retirement Planning Group, is also joining the new RIA as director of client service and experience.
Hirschberg said in a statement that wealth management technology is now “stellar” and enables independent firms to access investments and research competitive with larger institutions. Aaron Wealth Advisors worked with Dynasty Financial Partners, an RIA platform now servicing more than $30 billion in assets on its tech offerings.
It’s the latest eye-catching team to partner with Dynasty, after a Delaware-based team employed by Bank of America’s Merrill Lynch managing $930 million, left to start their own RIA. Hirschberg’s departure also comes shortly after Goldman Sachs said in July that it planned to better leverage its investment banking division to help its private wealth managers land new clients.