A team of financial advisors has left Wells Fargo’s independent brokerage business to launch registered investment advisory (RIA) firm GYL Financial Synergies in Connecticut with $4.5bn of client assets.
Wells Fargo advisors Gerald Goldberg, Jonathan Yolles, Michael Lepore and Claire McDonald have worked together for more than 15 years at Wells Fargo and its predecessors.
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They were affiliated with the bank’s independent brokerage unit as Goldberg Yolles and Lepore since 2014.
In order to achieve more autonomy, the advisors have now relaunched the firm under Focus Financial Partners that acquires interests in registered investment advisors.
The newly-launched firm will continue to provide wealth management services and customised solutions with expanded access to investment managers and multiple platforms for institutional as well as private clients.
Goldberg will continue to hold the role of CEO in the firm, Yolles as CIO, while Lepore and McDonald will serve as senior managing directors.
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By GlobalDataGYL CEO and co-founder Gerald Goldberg said: “Our guiding principle has always been to put our clients’ interests first. Establishing GYL as an independent RIA puts us in the best position to provide objective advice, expanded access to best-in-class investment options and excellent service to our clients.
“We are very excited to work with Focus, a firm known for supporting entrepreneurial RIA firms. The access to resources and capital we will have as a part of the Focus partnership will enable us to grow our new firm, both organically and through M&A transactions.”
