Financial advisors Terry Cook and Kyle Caouette have launched Parcion Private Wealth, an independent wealth management firm in Bellevue, Wash., according to a news release.

Cook and Caouette were formerly with UBS, where they managed $1.4 billion in client assets as The Cascade Group.

As the newly-launched Parcion, they and their team of 11 additional advisors and support staff will offer high-net-worth business owners and entrepreneurservices including legacy planning and transfer of wealth, charitable giving, and financial planning for clients who have gone through life-changing liquidity events - a hallmark of their practice at UBS.

=“Our concentration at Parcion is to diligently preserve and manage the wealth of the hardworking business owners and entrepreneurs that we serve, allowing them to stay focused on…themselves, their family, and their broader community,” Cook said in a news release.

From 2002 until last month, Cook was formerly managing director – wealth management, private wealth advisor at UBS, while Caouette served as senior vice president – wealth management, private wealth advisor at UBS since 2007.

Earlier in November, Financial Advisor asked Cook why this was the right time to leave UBS and launch an independent advisory firm.

“We have always been focused on helping business owners who have or are planning to go through a life-changing liquidity event,” Cook said. “We thought that with the strong team we have in place (and) the evolution of tools…within the industry, independence (would give) us the best opportunity to help our clients (even more).

"Parcion is old French for “partner. We are very much partners with our clients in the support and pursuit of their goals.”

Fidelity Family Office Services, a division of Fidelity Clearing & Custody Solutions, will act as the primary custodian of Parcion's client assets.