Four-adviser team managing $530 million at UBS goes independent

Four-adviser team managing $530 million at UBS goes independent
Hybrid firm will use Schwab as its custodian.
MAY 13, 2019
Four advisers and their three staff members, who managed $530 million at UBS in Portland, Maine, have formed Great Diamond Advisors, a hybrid. The firm will use Purshe Kaplan Sterling Investments as its broker-dealer and Schwab as its custodian. Dynasty Financial Partners provided financing for the business, in addition to transition and operational support, as well as other services. The advisers making the move are Steven Tenney, Joseph Powers, Helen Andreoli and Jack Piper. Mr. Tenney, the CEO of the new firm, began his career at UBS predecessor PaineWebber in 1993. (More: See more adviser moves in InvestmentNews' Adviser on the Move database.) Mr. Powers, who heads financial planning, worked at two firms briefly before joining UBS in 2000. Ms. Helen Andreoli, the firm's chief financial officer, worked at Morgan Stanley and Merrill Lynch before joining UBS Financial Services in 2011. Mr. Piper was with UBS for four years.

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