A UBS team with $530 million in client assets quit the wirehouse to open an independent firm with assistance from Dynasty Financial Partners.
The four-advisor group, which includes a mix of veteran and younger talent, represents the latest in a string of wirehouse breakaways that Dynasty has assisted. Earlier this month, Dynasty said it had helped a $450 million Merrill Lynch team open up an RIA in Atlanta. And last month, a $6 billion
The wirehouse’s most recent losses include advisors Steven Tenney, Joseph Powers, Helen Andreoli and Jack Piper. The group is based in Portland, Maine, and operates as Great Diamond Partners.
The team made the change in part because of what they say are the “vastly improved” technology and planning tools available to independent advisors, Tenney said in a statement.
Tenney, who serves as CEO of the new firm, had been an advisor with UBS since 1993, according to FINRA BrokerCheck records.
Powers had been a UBS advisor since 2000, per BrokerCheck. Andreoli, an advisor of 18 years, joined the wirehouse from Merrill Lynch in 2011. Piper started at Newbury Street Capital in 2007, transitioning to UBS in 2015.
The team will use Dynasty’s platform for independent advisors and turnkey asset management platform, according to the firm. The group picked Schwab for custody services and Black Diamond for consolidated asset and performance reporting.
A UBS spokesman declined to comment on the advisors’ departure.
