Elevation Point has taken a minority stake in Truing Capital Advisors, a newly independent Las Vegas wealth firm formed by a UBS team that oversaw about $750 million in client assets, adding to a string of wirehouse breakaway deals the Minneapolis-based investor has struck in 2026.
Truing is led by founding partners Russell Price and Salvatore “Sam” Mineo, who each have more than 25 years of experience advising business owners and families. At UBS, the team operated as MPI Wealth Management, with a client base that includes company founders and families with large real estate holdings or other concentrated assets. It also serves people facing a business sale, a divorce or the death of a spouse.
Client assets will sit at Goldman Sachs Custody Solutions, which partner firms can use through Elevation Point’s broader collaboration with Goldman Sachs.
“Our new structure gives us greater control over how we serve clients and the flexibility to build solutions around their needs, supported by the resources and capabilities of leading financial institutions,” Price said in a statement.
Mineo said the firm was built around clients’ biggest financial turning points. “We designed Truing around those moments: bringing the right resources together, simplifying complexity and giving each family the time and attention it takes to get it right,” he said.
Brad Smithy, founding partner and president of wealth management at Elevation Point, described the investor’s job as supplying the back office.
“Our role is to provide the infrastructure and resources that support the firm they are building while allowing them to retain the control and personal approach that make their practice successful,” he said.
Elevation Point, which was founded in June 2024 by former Sanctuary Wealth CEO Jim Dickson, says it has invested in firms representing roughly $14.4 billion in client assets under supervision since its inception.
In January, it announced two breakaways joining its platform: Harbor View Private Wealth, a $1.3-billion Atlanta-area team from UBS; and Forta Wealth Partners, a $900 million ex-Merrill team in Indianapolis.
A month later, it took a minority stake in Hampton Bluff Capital Partners, another Atlanta team that left UBS with roughly $1.3 billion.
Those announcements understate what's been tracked by industry watchers. A report from recruiting firm Diamond Consultants counted 14 advisors from four wirehouses – Merrill, UBS, Wells Fargo, and Morgan Stanley – joining Elevation Point in the first half of 2026, placing it among the most frequent landing spots for breakaways exiting the channel.
The deal lands as the overall pace of RIA dealmaking cools. The latest report from DeVoe & Company recorded 77 transactions in the third quarter, down 17% from 93 a year earlier, though the 244 deals announced through September left the industry slightly ahead of 2025’s record pace.
Minority investors are bucking part of that slowdown. DeVoe found that eight serial minority firms completed transactions this year, a record, up from six in 2025 and three in 2024. Those investors accounted for 17 deals, more than a third of the 44 DeVoe counts in its “other” buyer category, which also includes private equity firms, broker-dealers and banks. As a whole, it fell to 18% of the market, its smallest share since 2014, as consolidators and RIAs took a bigger slice.
According to Diamond Consultants, UBS lost 270 experienced advisors managing about $28 billion in the first half of 2026, after losing 318 in all of 2025. UBS recruited 88 advisors in the first half, already more than its full-year 2025 total of 75, but still posted a net decline of 182.
Diamond noted that UBS’s advisor force is less than half the size of its larger wirehouse rivals, so each exit stings more. The departures followed the firm’s 2025 overhaul of advisor pay, which UBS has since moved to adjust.
In July, the firm said its Americas advisor headcount fell 2.2% over 12 months, a loss of 129 advisors.
It's worth emphasizing that the pull of independence extends well beyond UBS. Diamond tracked 1,449 advisors who left Merrill, Morgan Stanley, UBS and Wells Fargo in the first six months of 2026, with 46% defecting to the independent space.
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