Goldman Sachs wall shows cracks as advisor departures accelerate; Why Gary Hirschberg, the latest breakaway, risked legal ire, 90-day sideline to go solo as RIA
October 1, 2018
Mindy Diamond Quoted
By Brooke Southall
Goldman Sachs & Co. is losing wealth managers at an accelerating rate, with seven departures in the past 12 months; another is crouched for the leap and several more are out shopping, according to recruiters and industry observers.
“It was very rare. If a team a year left, that was a lot,” says Mindy Diamond, CEO of Diamond Consultants. “Now nine teams have left in the past 12 months. It has exponentially expanded. There’ll be another in the next month, and I know of several evaluating their options.”
The ace recruiter made the comments in the wake of helping Gary Hirschberg, 39, walk out of the Goldman Sachs Private Wealth Management Group with potentially $1.4 billion of AUA. He’s forming an RIA, to be called Aaron Wealth Advisors.