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Industry Spotlight > Broker Dealers

$1.4B Goldman Advisor Starts Firm With Dynasty

By Reade Pickert

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Goldman Sachs Group Inc. veteran Gary Hirschberg is the latest executive to leave a high-profile bank and start an independent wealth-management firm.

Hirschberg, 39, is chief executive officer of Chicago-based Aaron Wealth Advisors, which will operate in partnership with Dynasty Financial Partners, according to a statement Monday.

(Dynasty works with more than 45 firms that have over $30 billion in combined clients assets.)

He worked at Goldman Sachs since 2006, where he supervised $1.4 billion in individual and institutional client assets, according to the statement.

Banks have been losing some of their most experienced and profitable wealth advisers to upstart firms.

Over the past three years, ultra-high-net-worth assets overseen by independent multifamily offices have grown 10 percent on average each year, about five times as fast as assets held at private banks, Cerulli Associates estimates.

“I realized the world of independent wealth management had changed significantly,” Hirschberg said in the statement. “The wealth-management technology was now stellar, access to diverse investment options and research in the independent space had exploded, and it was very attractive to have the flexibility to run a brand free of institutional constraints.”

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