Billion-dollar bye-bye: Mega adviser exits Goldman to form RIA
An adviser who oversaw $1 billion at Goldman Sachs left the bank to launch his own RIA with backing from Dynasty Financial Partners.
It's the latest lift out for Dynasty, which has helped several teams open independent shops so far this year.
The latest breakaway the firm assisted is David Darby, a 21-year veteran of Goldman Sachs. He is making the move to independence with Melissa Gray, director of client services and who also previously worked at the bank. The team operates as DG Wealth Partners from an office in Palm Beach, Florida.
Darby said he made the move in part to "have unfettered access to investment opportunities, client servicing technologies, and wealth management resources." The partnership with Dynasty will enable them to serve as an outsourced family office for their wealthy clients, he said in a statement.
"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.
His new firm has chosen Schwab Advisor Services as its primary custodian for client assets. Dynasty also provides analytics and operational support to the young firm.
Darby is the most recent adviser to part ways with Goldman Sachs elite wealth management unit. Last month, two advisers quit the bank's Chicago office to open their own RIA. Goldman, however, is engaged in a lawsuit attempting to block those advisers from soliciting their former clients.
A spokesman for the bank declined to comment.
Dynasty, meanwhile, has been attracting more breakaway advisers. Many of these teams manage large amounts of client assets. For example, the firm supported three advisers from UBS and Morgan Stanley in forming an independent firm in Houston. Together, they oversaw more than $750 million in client assets at their previous firm.