M and A
Elevation Point Takes Stake In Former UBS Team’s Las Vegas Practice
Truing Capital Advisors, whose founders oversaw about $750 million in client assets at UBS, will operate under Elevation Point.
Elevation Point, which takes minority stakes in independent advisory businesses, has invested in Truing Capital Advisors, a Las Vegas-based wealth management practice whose team oversaw about $750 million in assets under supervision at UBS. The financial terms were not disclosed.
Truing, which previously operated as MPI Wealth Management in affiliation with UBS, is led by founding partners Russell Price and Salvatore Mineo. Client assets will be custodied with Goldman Sachs Custody Solutions.
The firm works with company founders, entrepreneurs and families holding real estate and other concentrated assets. It also serves clients going through a business sale, divorce or the death of a spouse. Its offering combines investment management with tax-aware planning and estate-planning coordination.
Truing is not a separately registered firm. It operates as a trade name of Elevation Point Wealth Partners, Elevation Point’s SEC-registered investment advisor, through which its advisory services are offered.
Elevation Point was set up in June 2024 by Jim Dickson, who founded Sanctuary Wealth and was previously a Merrill Lynch executive. The firm said it has now invested in firms representing about $14.4 billion in client assets under supervision. In late January this year, Elevation invested in Forta Wealth Partners, based in Indianapolis, Indiana. In September last year, Elevation Point said it was collaborating with Goldman Sachs to offer partner firms access to Goldmans’ banking and lending, trading, asset management and capital markets capabilities.
In January, Elevation Point invested in Harbor View Private Wealth, an Atlanta-area firm overseeing about $1.3 billion. In February, it invested in Hampton Bluff Capital Partners when that team moved from UBS Private Wealth Management to an independent RIA.
(See this article from last week from our US correspondent about latest M&A trends in the RIA sector.)