MaineBiz – 5-19-15
BY LORI VALIGRA
Cribstone Capital Management, which on May 1 became independent and is long associated with Ameriprise Financial, later in the month partnered with Dynasty Financial Partners, a New York-based developer of high-end, open-architecture wealth management solutions and technology.
Dynasty will help Cribstone transition into an independent registered investment adviser firm, said Scott Upham, co-founder of Cribstone and the company’s managing partner and director of wealth management.
Cribstone, named after the granite bridge linking Bailey and Orr’s islands in Harpswell, will join the 30 other independent financial adviser firms supported by Dynasty. Upham said the grouping will help with negotiating contracts for new technology.
He said Cribstone sought its independence because it wanted to enhance its technology to better manage portfolio management risks and implement its ideas, and Ameriprise didn’t have the latitude in its system. He also wanted Cribstone to serve as a fiduciary. Being a Maine-registered firm also is important, he said.
Cribstone is led by Upham, Odette Galli and John Duffy, who work with five associates. Upham specializes in multi-generational families, nonprofits, foundations and business owners. He previously was a regional director with Russell Investments for seven years and was with American Express, Putnam Investments and Fleet Investment Management.
Upham co-founded Cribstone more than two years ago, and joined with Galli, who had been at Cribstone and is now partner and director of investment strategies at Cribstone, to launch the company independently. Financial adviser Duffy, who serves as partner and director of retirement plan services, was founder and managing partner of Duffy Anderson Investment Management LLC.
Joel D. Davis, the other co-founder, wrote on the company’s website that he will remain active as chairman emeritus of Cribstone and will continue in a consultative role. Diagnosed with Parkinson’s disease eight years ago, he noted the progression of his disease is slow, and he and his wife are now cruising America’s Great Loop.
Upham said he asked Duffy and Matt Daigneault, also formerly of Duffy Anderson Investment, to join Cribstone.
Upham, Duffy and Daigneault are expected to bring with them most of their former clients with about $425 million total under management. Upham said they are about 90% toward that goal, and expect to bring the total amount over to the independent company in the next 30 days.
Headquartered in Brunswick, Cribstone also has offices in Augusta and Cumberland Foreside.
About 75% of Cribstone’s clients are high net worth Mainers, almost all of whom give to philanthropies tied to the environment. Cribstone runs the retirement portfolios of CEI, Maine Farmland Trust and the Natural Resources Council of Maine.
Cribstone plans to use Dynasty’s customized wealth management platform.