Wealth Management Visionaries Jim Dickson and Mark Penske Launch Elevation Point, Announce Pending Acquisition of $3.4B Mount Yale Capital Group
Mr. Dickson and Mr. Penske Join Forces in Forming New Venture, Executing on Vision to Build 'Path to Higher Ground' for Growth-Focused Advisors and Firms
Newly-Formed Elevation Point Inherits Legacy of Mount Yale Capital Group, a $3.4B Industry Leader Known for Leading OCIO Solutions and Back and Middle-Office Support for Advisors
MINNEAPOLIS, June 26, 2024 /PRNewswire/ -- Wealth management industry leaders and co-founders Jim Dickson and Mark Penske today announced the launch of Elevation Point, a firm committed to empowering independence-seeking advisors and RIAs as their value-aligned growth partner.
Upon launch, Elevation Point announced it has agreed to acquire Mount Yale Capital Group, ("Mount Yale"), a 20-year Outsourced Chief Investment Officer (OCIO) market leader with $3.4 billion in assets under management across its network of elite affiliated advisors. The deal is scheduled to close this month. John Sabre, who served as chairman, CEO, and managing partner of Mount Yale since 2003, is joining Elevation Point as executive chairman. Through this acquisition Mount Yale will become part of Elevation Point, enabling the firm to launch with a robust offering, featuring dynamic and customizable OCIO solutions, alongside comprehensive back and middle-office support services. These offerings will be available nationwide to advisors managing the complex needs of high-net-worth clients.
"This day is a longtime in the making — and our mission at Elevation Point is clear: to partner with advisors who have a growth mindset, and who refuse to turn their back on their core values in order to achieve that growth," said Jim Dickson, founding partner and CEO of Elevation Point. "In an industry being disrupted daily through continuous aggregation; we are bucking the trend and providing acceleration support to our partners that will not require them to meet a certain timeline or alter their vision."
In 2018, Mr. Dickson founded Sanctuary Wealth as a supported platform for advisors seeking independence. Under his leadership, it grew rapidly into one of the industry's top hybrid RIA firms, with more than $25 billion in assets and 76 partner firms in 28 states by 2023, when he left the firm. Before launching Sanctuary Wealth, Mr. Dickson served as an executive at Merrill Lynch for 20 years. He began his career three decades ago as an accountant for Ernst and Young.
Elevation Point is focused on accelerating partner firms' growth and elevating their independence through strategic investments, ranging from minority to majority stakes, and providing access to its integrated services, solutions, technology and support.
"Through the launch of Elevation Point and our acquisition of Mount Yale, we've combined the agility of a startup with the expertise of a renowned investment firm," said Mark Penske, founding partner and vice-chairman of Elevation Point. "Mount Yale's commitment to independence and dedication to the highest standards align seamlessly with our vision, enabling us to uniquely offer partner firms access to a high-end investment and wealth management platform from day one."
Mr. Penske, a wealth management industry leader and growth-focused fintech investor, is founder and chairman of United Atlantic Capital ("UAC"), LLC, a privately-owned financial services holding company headquartered in New York. An experienced investor, UAC has participated in numerous transactions in the institutional and independent retail financial services industry.
Going forward, Elevation Point's ideal growth partners consist of two main groups: RIAs seeking to broaden their horizons, and wirehouse advisors striving for independence. The firm's partnership growth model features strategic investments, commencing with a minimum 20% investment for independent firms, alongside access to its industry-leading advisor support tools and services.
"For over 20 years at Mount Yale, we've championed a unique approach rooted in the fiduciary standard, fostering a culture of innovation and excellence," said Mr. Sabre. "These values are now rooted in the DNA of Elevation Point, where the number one priority is elevating partner firms toward reaching their own unique long-term vision. Jim and Mark possess a profound understanding of the needs of advisors and clients and are known throughout the industry for their expertise in devising strategies for practice growth. Their track record shows they are truly among the best in our industry."
Elevation Point launched via an oversubscribed funding round of capital from family offices. The firm will also offer intellectual and financial support to partner firms seeking M&A opportunities, positioning them to capitalize on the growing succession-planning crisis. In the coming months, the firm will be launching Alt:62, an exclusive private investment network made up of partner firms, Elevation Point, and prestigious family offices from across the globe. This offering will enable Elevation Point's partner firms to provide their clients and prospects with access to unique private investment opportunities sourced through the firm's founding partners.
"Launching exclusively with family office capital empowers us to pledge to our partners that we will not compromise our shared vision," Mr. Dickson added. "With a leadership team already comprising some of the best in the industry, and with exciting updates on additional key industry leaders joining our ranks in the coming months, we are poised for rapid growth in the next year and beyond. In an era marked by rapid evolution and consolidation, we aim to bring the industry to higher ground, where integrity, innovation, and client-centricity reign supreme."
About Elevation Point
Elevation Point is a growth-oriented wealth management firm, serving as a value-aligned partner for RIAs and independence-seeking advisors. From dynamic OCIO solutions to personalized playbooks designed to empower advisors to thrive in independence, we offer customized and full-spectrum support. Our capital comes with complete transparency and no hidden agendas. Distinguishing ourselves as accelerators in a landscape of aggregators, we're powering a nationwide community of emerging industry leaders, overseeing more than $3.4 billion in assets under management. With a focus on advisor values and evolving client needs, our mission is clear: to elevate the entire industry to higher ground.
For more information, please visit elevationpoint.com, and for the latest updates, follow Elevation Point on LinkedIn.
Media Contact:
Melinda Brodbeck
JConnelly
[email protected]
973-865-5454
SOURCE Elevation Point
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article