Gary Hirschberg quits Goldman Sachs to start new firm

Gary Hirschberg quits Goldman Sachs to start new firm

A prominent financial advisor at Goldman Sachs has left the American investment bank’s Private Wealth Management Group to establish his own advisory company focusing on high net worth families.

Gary Hirschberg, 39, was a vice-president at Goldman Sachs where he oversaw $1.4bn in private and corporate client assets. Hirschberg said in a statement released yesterday that he had left the bank’s wealth management arm to found his own investment advisory business, Aaron Wealth Advisors, based in Chicago. The company plans to invest in an Indianapolis office in 2019.

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

Hirschberg is now CEO of Aaron Wealth Advisors, which will operate in partnership with Dynasty Financial Partners, according to a statement Monday. He worked at Goldman Sachs since 2006.

Hirschberg is being joined at Aaron by the following colleagues:

David VanFossen, Chief Operating Officer and Chief Compliance Officer, from BMO Harris
Bill Andrakakos, CFA, Director of Investments, from Northern Trust/Deutsche Bank
Georgette Condos, Director of Client Service and Experience, from Morgan Stanley

Significant change
“After a due diligence process over many months, I realized that the world of independent wealth management had changed significantly – 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,” commented Hirschberg.

“We will now be able to consult on all aspects of our client’s balance sheet, not just the liquid asset base. This will greatly enhance our ability to give them holistic investment advice. And, for those clients that wish to invest with an eye to social impact, we will be specializing in ESG (Environmental, Social, and Governance) asset allocations. We believe this is a critical emerging area of investments for certain clients and we want to be a part of it.”

He added: “The goal is not just to replicate a private practice from my previous client base but to create a firm where other advisers would be proud to call home. We want to make it easy for other adviser teams to break-away from captive models, or merge their RIAs with ours, and be able to integrate into a firm with the resources and ethical brand worthy of their clients.”

Aaron Wealth Advisors is a registered as an independent advisory firm, dedicated to “helping successful entrepreneurs, sophisticated investors, multi-generational families, and family offices manage the complex business of their wealth,” according to the statement.

Goldman Sachs declined to comment.

Author spotlight

Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.