Accelerators

Veteran Financial Advisors Depart UBS to Establish Independent Wealth Management Firm

In a significant shift within the financial services sector, veteran advisors Terry Cook and Kyle Caouette have parted ways with UBS to establish their independent wealth management firm, Parcion Private Wealth, based in Bellevue, Washington. This strategic move marks a new chapter for the two seasoned advisors who previously managed $1.4 billion in client assets under The Cascade Group at UBS.

Transition to Independence

The departure from UBS, one of the world's leading financial services firms, underscores a broader trend among financial advisors seeking greater autonomy and flexibility in serving their clients. Cook and Caouette's decision to venture into the independent space is driven by a desire to offer a more personalized and partnership-oriented service model. Parcion, which is derived from the old French word for 'partner,' epitomizes their commitment to fostering collaborative relationships with their clientele.

As former managing director - wealth management and private wealth advisor at UBS, Terry Cook brings a wealth of experience and leadership to the new venture. His counterpart, Kyle Caouette, who held the position of senior vice president - wealth management and private wealth advisor at UBS, complements Cook's expertise with his proficiency in financial management and client relations. Together, they aim to carve out a niche in the competitive landscape of wealth management by focusing on the unique needs of high-net-worth individuals.

A New Wealth Management Paradigm

Parcion Private Wealth is not merely a rebranding of services previously offered at UBS; it represents a comprehensive reimagining of client engagement and financial strategy. The firm will focus on legacy planning, wealth transfer, and charitable giving, areas that are increasingly pivotal for high-net-worth business owners and entrepreneurs. By honing in on these specialized services, Parcion seeks to cater to clients who require sophisticated strategies to manage their substantial estates and philanthropic endeavors.

The team at Parcion is bolstered by 11 additional advisors and support staff, all of whom bring diverse skills and insights to the firm. This collective expertise enables Parcion to offer a robust suite of services, ensuring that each client's financial landscape is meticulously managed and aligned with their long-term objectives. The firm's emphasis on a partnership approach is designed to cultivate enduring relationships, positioning clients as active participants in the wealth management process.

Client-Centric Services

One of the defining features of Parcion's service offering is its focus on legacy planning and wealth transfer. These services are critical for clients intent on ensuring that their financial legacy is preserved and passed down to future generations in a manner that reflects their values and aspirations. The firm's advisory team works closely with clients to develop tailored strategies that address the complexities of estate planning, tax considerations, and intergenerational wealth transfer.

Moreover, Parcion's commitment to charitable giving highlights its dedication to helping clients achieve their philanthropic goals. The advisors at Parcion assist clients in structuring charitable contributions to maximize impact while aligning with personal and family values. This service is particularly appealing to entrepreneurs and business owners who seek to leverage their wealth for societal benefit while navigating the nuances of charitable giving.

Navigating the Future

The establishment of Parcion Private Wealth is indicative of a broader trend within the financial advisory industry, where professionals are increasingly opting for independence to offer more customized and client-focused services. This shift is driven by a recognition that high-net-worth clients demand more than traditional financial advice; they seek strategic partners who can guide them through the complexities of wealth management with a personalized touch.

As the financial landscape continues to evolve, firms like Parcion are poised to redefine the advisory model by prioritizing client relationships and bespoke solutions. The firm's launch in Bellevue, a hub for innovation and entrepreneurship, positions it strategically to attract a clientele that values forward-thinking and dynamic financial strategies.

In the coming years, Parcion Private Wealth is expected to expand its footprint and influence within the industry, setting a precedent for how independent advisory firms can thrive by aligning their services with the evolving needs of their clients. As Cook and Caouette embark on this new venture, their commitment to partnership and innovation will undoubtedly shape the future of wealth management for their clients and beyond.