Four former-UBS advisers have tapped Dynasty Financial Partners to launch an independent wealth management firm.

These advisers are Steven Tenney, Joseph Powers, Helen Andreoli and Jack Piper.

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The new business will be headquartered in Maine and operate under the name Great Diamond Partners.

It will focus on providing business transition planning, such as intergenerational wealth transfer or business sale.

Overall, the firm will be staffed by seven people.

Tenney, who joined UBS in 1993, will lead the new entity as CEO.

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Powers will head the financial planning and insurance strategies focus at the new business. He joined UBS in 2000.

Andreoli will be the CFO at Great Diamond Partners.

Apart from UBS, she had stints at Morgan Stanley and Merrill Lynch.

As a founding partner of Great Diamond Partners, Piper will be responsible for assisting individuals and families in devising strategies for attaining their financial goals.

Before working at UBS, Piper served at Bainco International Investors.

Tenney said: “Now we recognise the unquestionable benefits to clients in working as an independent firm, and the Dynasty structure allows us to execute on our vision.

“We will be able to provide an even better client experience due to vastly improved technology, advanced planning resources and tools and the fiduciary environment when making recommendations.

“Finally, the expanded resources are tremendous – everything from advanced planning software to investment banking, investment consulting and business management.”

The new business will utilise Dynasty’s integrated core services platform for independent advisers and its turn-key asset management platform.

Schwab will offer custody services for the new firm, while Black Diamond will support consolidated asset and performance reporting.