Gryphon Wealth Founders Leave Wells Fargo to Launch RIA

Jason Hyrne and Jeffrey Wyatt left Wells Fargo about a month ago, taking 22 employees and roughly $3.1 billion in assets under administration to form a fee-only registered investment adviser based in Jacksonville, Florida.

The new firm serves about 700 households, requires a $1 million minimum in investable assets and typically works with clients who have at least $5 million. Gryphon offers investment analysis, wealth planning and in-house estate-planning services and employs a full-time estate-planning attorney.

Hyrne said the founders left to gain faster access to new technology, specifically a tax-planning program that would import IRS information with clients’ consent. He described internal processes at Wells Fargo as creating hurdles to rapid innovation, adding, “It’s just never going to move that quickly.”

The partners also sought a fee-only model and a clearer succession path that could allow employees to own the business in the future. About 3% of the team’s revenue at Wells Fargo came from brokerage commissions, which the founders said made the switch to fee-only largely operational rather than financial. Wyatt added the firm aims to be “a forever firm” that could ultimately be owned by employees.

Gryphon retained Wells Fargo Clearing Services as custodian for client assets and kept client access through Wells Fargo Online with the same account numbers and paperwork. The custodial arrangement is supported by TradePMR, a technology and service provider for independent RIAs that uses Wells Fargo Clearing for custody. TradePMR extended its contractual relationship with Wells Fargo Clearing through 2032 and was acquired by Robinhood Markets in 2024.

Hyrne described the setup as a “barbell”: maintaining Wells Fargo for custody and security while pulling in services from TradePMR and other partners to add technology and capabilities.

Rick Rummage, CEO of The Rummage Group, estimated about 10% to 20% of advisors seek highly customized technology and operating models and are more likely to leave large firms to start independent practices. He said most advisors are comfortable with standard technologies at big firms, while a smaller cohort pursues custom tools.

Gryphon’s roots trace to a partnership between Hyrne and Wyatt at Wachovia, which Wells Fargo acquired in 2008. The group moved into Wells Fargo’s FiNet channel in 2023 before establishing the independent RIA. The firm is monitoring a referral network launched by Robinhood in March that could introduce retail users to RIAs and potentially provide a source of new clients.