Two former UBS advisers Terry Cook and Kyle Caouette have broken away from the firm to launch an independent wealth management business in Bellevue, Washington.

Cook and Caouette earlier headed UBS’s The Cascade Group.

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The pair will be joined by 11 more advisers and support staff at the new firm, which will operate under the name Parcion Private Wealth.

Parcion will tend to HNW business owners and entrepreneurs, offering advice on investment management, wealth transfer and protection, charitable giving, lifestyle and family support.

Commenting on the development, Cook stated: “As we embark on this journey of becoming business owners ourselves, we more intimately understand the challenges that affect our clients, who themselves appreciate how hard work and determination can lead to success.

“As a result, we are well-positioned to provide them with wealth management solutions that will preserve their legacies and enable them to lead their best lives.”

Fidelity Family Office Services will offer custody services for the new firm.

Fidelity Clearing & Custody Solutions head of the RIA segment David Canter said: “Parcion understands the unique needs of first-generation wealth creators, enabling them to provide business owners and entrepreneurs with highly specialised services that are tailored to their financial situations.

“Kyle and Terry bring a deep client-focused mindset to their relationships, helping clients navigate through the complexities of business ownership and financial planning to support the legacies they build for their families and communities.”