A team previously managing $1bn in assets at Goldman Sachs Private Wealth Management has broken away to launch its own independent advisory firm in partnership with Dynasty Financial Partners.

The team includes David Darby and Melissa Gray, who formerly worked at Goldman Sachs’ Palm Beach, Florida office. Darby spent 21 years at Goldman Sachs, most recently holding the role of vice president in its Palm Beach office. Gray had a seven-year stint at Goldman Sachs.

The new firm, named DG Wealth Partners, will offer financial portfolios entrepreneurs, C-suite executives and families.

Darby will be tasked with aligning clients’ investment portfolio with their cash-flow needs, planning goals and risk tolerance at the new firm, while Gray will focus on the integration and management of client experience at the new firm as director of client relations.

The new firm has collaborated with Dynasty for analytics and operational support. It also partnered with Schwab Advisor Services, which will serve as primary custodian of client assets.

“Melissa and I are delighted to have unfettered access to investment opportunities, client servicing technologies, and wealth management resources by partnering with Dynasty, that will allow us to serve as a truly outsourced family office. We feel this is the future of the wealth management advisory business and want to be on the cutting edge for the benefit of our clients and their families,” Darby said.