Two veteran private wealth advisors with a long track record of building sizable businesses inside wirehouses have struck out on their own, unveiling a new independent RIA with offices on both coasts.
Denis Cleary and Greg Devine, formerly managing directors at UBS Financial Services, have launched 71 West Capital Partners, an independent firm they say will allow them to broaden their services and scale with fewer constraints. The duo previously oversaw one of UBS’s largest and fastest-expanding private-wealth teams, advising roughly $6 billion in client assets across 35 states.
The new firm, headquartered in Boston and Los Angeles, will continue to work with the ultra-affluent segment they’ve long served, a mix of entrepreneurs, business owners, senior executives, multigenerational families and philanthropic institutions.
Cleary will act as CEO from Boston, while Devine will lead the West Coast office. 71 West has selected BNY Pershing for custody, clearing and related support.
Cleary and Devine’s partnership dates back nearly two decades, beginning at Goldman Sachs in 2006. After moving to UBS in 2020, they executed what the firm described as a standout transition, “regaining 100% of their prior revenue by the end of the next year.” Their practice has since doubled assets and forward revenue.
Cleary entered finance after working as a corporate attorney and later as an executive at a large private foundation. His tenure at Goldman and UBS earned him repeated recognition within the wealth management industry. He holds degrees from the College of the Holy Cross and Boston College Law School.
Devine’s roots in Silicon Valley’s tech sector helped shape a client base centered on high-growth founders and their families. He relocated to Los Angeles in 2016 to accelerate the team’s regional expansion and became a UBS managing director four years later. He earned a B.A. from Boston College and an M.B.A. from the University of Notre Dame.
Joining them at the new RIA are Abigail Harris, Matthew Kirshner, Chris Carbone, William Corman, Spencer Danziger and Nolan Morr. The team worked with Fusion Financial Partners and attorney Patrick J. Burns, Jr. Esq. on the transition.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
