Founding partner of Portland wealth management firm to retire
File photo / Jim Neuger
Steve Tenney, founding partner of Great Diamond Partners, plans to retire at the end of this month.
Five years after leaving UBS with three colleagues to start Great Diamond Partners in 2019, Founding Partner Steve Tenney is getting ready to retire at the end of this month.
He announced the move in a LinkedIn post marking the anniversary of the founding of the Portland wealth management firm, which he launched with Jack Piper, Joseph W. Powers and Helen Andreoli, who was promoted to a leadership role in 2022. Tenney shared the story of the company's founding in a Mainebiz podcast episode, archived here.
“I’m proud to say the firm is strong and will continue to evolve,” Tenney said in his post, expressing a mix of excitement, sadness, confidence and wonder about his next chapter.
“In some respects, this was not an easy decision,” he said. “I enjoy the work, love seeing how we impact our clients, and have great pride in what we built. Walking away is hard. In other respects, the decision is easy. Family and well-being come first. After prioritizing work for a long time, I will attend to family and health issues that need my attention.”
A successor was not named this week.
In a Mainebiz list of Maine-based registered advisors published in 2023, Great Diamond Partners was ranked No. 6 with $560 million in assets under management between Dec. 31, 2022, and Jan. 31, 2023.
Next chapter
Pledging to share more later about his next professional venture, Tenney said he plans to spend more time with family, focus on well-being for himself and those he is close to, and continue to learn and share his knowledge with others.
“My father, my first partner in business, believes that some of the best advisors are former teachers,” he added. “They know how to communicate ideas in convincing and passionate ways. “Perhaps the opposite is true — advisors becoming teachers.”
Tenney's advice to the person who succeeds him: "What the team built over the last five years is just the start,” he told Mainebiz. “Continue to evolve in a way that stays true to our values while creating new opportunities that touch every element of what the firm does.”
'Innovative thought leader'
Tenney is a long-time member of the Institute for Family-Owned Business, a Portland-based nonprofit led by Executive Director Catherine Wygant Fossett.
“I love working with him,” she said of Tenney. “He is an innovative thought leader who keeps you on your toes and always lights up the room with a twinkle in his eye and a smile when he throws you a curve ball that lands in the right spot.”
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