Gary Hirschberg, a former Goldman Sachs vice president who managed $1.4bn in assets, has launched an independent wealth management firm in association with Dynasty Financial Partners.

The new firm, called Aaron Wealth Advisors, will be based in Chicago and focus on serving entrepreneurs, sophisticated investors, multi-generational families, and family offices. The firm also intends to launch an office in Indianapolis next year.

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Hirschberg, who previously worked as a vice president and private wealth adviser at Goldman Sachs, will head the new firm as CEO.

He will be supported by David VanFossen, Bill Andrakakos, and Georgette Condos.

VanFossen, who formerly worked at BMO Harris, will serve as the COO and chief compliance officer of the new firm.

Andrakakos will serve as the director of investments. He previously worked at Northern Trust.

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Condos, who previously served at Morgan Stanley, will be the director of client service and experience at Aaron.

Commenting on the new venture, Hirschberg said: “After a due diligence process over many months, I realised 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.

“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 specialising in ESG (Environmental, Social, and Governance) asset allocations.”

Aaron utilised Dynasty’s wealth management services, technology, and capital support.

It also collaborated with Schwab for custody services as well as Addepar for consolidated asset and performance reporting.