A team of financial advisors managing approximately $3 billion in client assets has left Wells Fargo to launch a new registered investment advisory firm called Gryphon Wealth, and has selected Robinhood-owned TradePMR as its custodial and technology partner, according to Barron’s.
The advisory team was previously affiliated with Wells Fargo Advisors Financial Network (FiNet), the bank’s independent broker-dealer division. Gryphon Wealth is headquartered in Jacksonville, Florida, and is led by Jason D. Hyrne as CEO and CIO, Jeffrey L. Wyatt as chairman, J. Adam Kirby as president and chief compliance officer, and Melissa Storch as chief operating officer.
According to Hyrne, the move to form an independent RIA was driven by a desire to provide more client-focused financial planning and portfolio management services. The team selected TradePMR for its technology platform and its potential to integrate capabilities such as AI, estate planning, and tax planning into the client experience.
TradePMR, which serves hundreds of RIAs and manages more than $40 billion in assets under administration, was acquired by Robinhood in a deal valued at approximately $300 million. The acquisition marked Robinhood’s expansion into the wealth management and RIA custody market as it seeks to compete more directly with firms such as Charles Schwab and Fidelity.
Robinhood executives have said the acquisition will help connect the company’s large base of younger retail investors with financial advisors through referral and advisor-matching programs embedded into the Robinhood ecosystem.
Despite Robinhood’s ownership of TradePMR, the platform continues to maintain its long-standing clearing and custody relationship with Wells Fargo Clearing Services. Robinhood and TradePMR have emphasized their intent to preserve and deepen that relationship as Robinhood gradually builds out broader advisory and custodial capabilities.
