Jim Dickson, formerly the CEO of Sanctuary Wealth, teams up with industry legend Mark Penske to launch Elevation Point, a wealth management firm with a focus on growth, dedicated to supporting independent-minded advisors and RIAs.
Elevation Point aims to boost the growth and independence of its partner firms through strategic investments, offering stakes that range from minority to majority. The firm provides partners with access to integrated services, technology, and comprehensive support.
“Our mission at Elevation Point is straightforward: to collaborate with growth-focused advisors who uphold their core values while achieving growth,” says Jim Dickson, CEO of Elevation Point, in the firm’s announcement.
Jim Dickson previously founded and led Sanctuary Wealth, which became one of the leading hybrid RIA platforms. By 2023, Sanctuary Wealth had grown to manage $25 billion in assets with 76 partner firms across 28 states.
In February last year, Dickson was unexpectedly ousted and replaced by industry veteran Adam Malamed. The board at Sanctuary cited evidence that Dickson had not adhered to the requirements of his employment contract and his duties as CEO, according to his BrokerCheck report.
“As we stated in February 2023, Jim Dickson was terminated for cause by the Board, and beyond this, Sanctuary has no comment,” a Sanctuary spokesperson told InvestmentNews.
Dickson also spent two decades as an executive at Merrill Lynch.
“In an industry that faces daily disruption through continuous aggregation, we are countering the trend by offering acceleration support to our partners without requiring them to meet a specific timeline or alter their vision,” Dickson stated at the launch of his new firm.
Elevation Point’s partnership growth model targets RIAs seeking expansion and breakaway wirehouse advisors, starting with a minimum 20 percent investment for independent firms. The firm’s strategic growth partners benefit from industry-leading advisor support tools and services.
As an initial step, Elevation Point has agreed to acquire Mount Yale Capital Group, an OCIO with $3.4 billion in assets under management. This deal, expected to close this month, will see John Sabre, Mount Yale’s chairman, CEO, and managing partner, become the executive chairman at Elevation Point.
“For over 20 years at Mount Yale, we’ve promoted a fiduciary standard and a culture of innovation and excellence,” says John Sabre. “These values are now embedded in the DNA of Elevation Point, where our top priority is helping partner firms achieve their unique long-term goals.”
“By launching Elevation Point and acquiring Mount Yale, we’ve merged the agility of a startup with the expertise of a renowned investment firm,” adds Penske, founding partner and vice-chairman of Elevation Point.
The integration of Mount Yale into Elevation Point strengthens its offerings with OCIO solutions and extensive support services for advisors nationwide.
Elevation Point’s launch is backed by an oversubscribed funding round, with capital from family offices. The firm plans to provide intellectual and financial support to partner firms pursuing M&A opportunities, addressing the growing succession-planning crisis.
The firm also plans to introduce Alt:62, a network connecting partner firms, Elevation Point, and prestigious family offices globally, offering unique private investment opportunities to clients and prospects of Elevation Point’s partner firms. “Launching with family office capital allows us to promise our partners that we will not compromise our shared vision,” Dickson said.
