20 on '20: Great Diamond aims to sparkle on wealth management scene
Photo / Jim Neuger
Steve Tenney, a founding partner and CEO of Great Diamond Partners, at the firm’s downtown Portland office. He left UBS after 26 years to launch the boutique wealth management firm in May 2019 with UBS colleagues Joseph Powers, Helen Andreoli and Jack Piper.
Two floors above David’s Restaurant on Portland’s Monument Square, the Great Diamond Partners office is decorated with cool blue hues and a comfy couch in the reception area.
Though not what you’d expect from a wealth management firm, it’s one of many ways the startup boutique aims to set itself apart from rivals. Four ex-UBS bankers led by Steve Tenney as CEO launched Great Diamond Partners last May, joined by three support staff.
“It’s a very competitive market,” says Tenney. “We make ourselves stand out by the expertise on the team” along with a friendly, comfortable approach down to the office décor. “It’s a friendly feel, and that has helped.”
This will be Great Diamond Partners’ first full year in business — and growing the staff is on the agenda for 2020. Tenney is on the lookout for additional advisers, provided they’re a good fit and bring the right talents.
“If someone can fit those two criteria, we want to talk to them,” Tenney says. “We have every intention of growing, and growth will help us further our purpose.”
Great Diamond Partners manages more than $500 million for clients, who are mainly concentrated in greater Portland but as far afield as Seattle and Cape Coral, Fla. The figure is 104% of its target less than a year after Tenney launched the business with UBS colleagues Joseph Powers, Helen Andreoli and Jack Piper. Tenney says they were able to bring over the “vast majority” of their clients from UBS.
They launched the business with help from Dynasty Financial Partners, a St. Petersburg, Fla.-based provider of wealth management and technology platforms for a growing network of independent financial advisory firms.
“One of the reasons for the move is that the technology is significantly better, so we can do a better job” serving clients with tools including online scheduling, Zoom cloud computing services and planning software, Tenney says. “These are not advanced technologies, but we couldn’t use them before.”
Using that technology to serve clients’ biggest challenges is among Tenney’s priorities for 2020, along with new client development and determining how Great Diamond Partners can have the greatest impact on the community through active participation in nonprofit organizations.
“We’re taking leadership positions, and that’s something we’d like to do more of,” says Tenney.
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Your continued success is well earned. Congrats to you and your colleagues for leading the way in Wealth Management on behalf of the many families that you serve.
ESW
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