January 21, 2019

W. Hartford's GYL Financial merges with Westport investment advisor

GYL Financial Synergies, a West Hartford-based independent registered investment advisory firm founded in 2014, said it's merged with Westport's Resnick Investment Advisors.

Financial terms of the deal, which closed Jan. 1, were not disclosed. GYL Financial is the surviving brand.

The firms said the merger is part of a "long-term succession plan" for Resnick Investment Advisors, which was founded by Marty Resnick in 1990. Resnick has no immediate plans to retire, GYL CEO Gerald Goldberg said in an email Tuesday.

"We anticipate and are hopeful that Marty will continue to play an important role at the firm for many years to come including being a senior member of the firm's Investment Committee," Goldberg wrote.

"The merger with GYL will inject new blood into our firm, expand the services we offer and ensure our clients are well protected for generations to come," Resnick said in a statement.

Joining GYL's management team from Resnick will be partner Joseph B. McBride and Peter A. Karadimas.

Under the new arrangement, the private client arm of the combined business will be rebranded GYL Resnick, while institutional clients will continue be served by the GYL Financial Synergies brand, the companies said.

GYL stands for the last names of three of its principals -- Goldberg, Jonathan S. Yolles and Michael J. Lepore. The management team, which previously worked together at Wells Fargo and other entities, also includes Claire F. McDonald.

The combined firm has nearly 40 employees, Goldberg said.

Editor's note: This story has been updated to include comment from GYL about Marty Resnick's continued role in the merged firm and the number of employees the combined firm has.

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