Goldman Sachs veteran Gary Hirschberg is the latest executive to leave a high-profile bank and start an independent wealth management firm.
Mr. 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.
He had 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% on average each year, about five times as fast as assets held at private banks, Cerulli Associates estimates.
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High-profile departures include Goldman Sachs' Frank Ghali, who oversaw about $10 billion in client assets before leaving to start Jordan Park Group last year. In 2016, Margaret Dechant led her 13-person team, then managing $2 billion, out of Morgan Stanley to form 6 Meridian.
"I realized the world of independent wealth management had changed significantly," Mr. 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."
A spokesman for Goldman Sachs had no immediate comment.
Among those joining Mr. Hirschberg at Aaron Wealth Advisors are David VanFossen from BMO Harris Bank, who is chief operating officer; Bill Andrakakos from Northern Trust Corp., who is director of investments; and Morgan Stanley's Georgette Condos, who oversees client service, according to the statement.
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