Elevation Point stakes Raymond James breakaways' new $1B RIA

Elevation Point is extending its reach further in Michigan as it supports a multigenerational team from Raymond James' leap to independence.

On Tuesday, it announced a minority investment in Waycrest Wealth, a newly launched RIA in Michigan led by former Raymond James advisors Jay Hack and Lowell Weiss.

The seven-person team includes both Hack’s and Weiss’s fathers: Paul Hack began his career at Roney & Company, which Raymond James acquired, and Leonard Weiss started at Shearson Hayden & Stone before ultimagely establishing Weiss Wealth Management Group of Raymond James in 2005.

Overseeing about $1 billion in assets for clients primarily in Michigan and Florida, Waycrest Wealth holds licenses in more than forty states. It serves a range of clients including business owners, physicians, attorneys, and philanthropic families.

Hack and Weiss bring decades of collective experience from their previous roles at Raymond James & Associates, where they worked together before deciding to establish their own independent firm.

The team specializes in investment management, financial planning, estate and tax planning, and alternative investing, with a particular focus on families with complex wealth needs and intergenerational planning.

“We are very proud of our deep roots in serving multigenerational clients with customized strategies,” Jay Hack, founder and managing partner of Waycrest Wealth, said in a statement on Tuesday. “At the heart of what we do is listening and planning; planning for our clients’ lives, and for their goals, which exist together, not separately.”

The move to independence, according to Hack, will allow the firm to leverage new technology and broaden its investment offerings.

“Transitioning to independence now opens up a whole new world for serving our clients, giving us the flexibility to leverage leading-edge technology and access a wider range of investment options, including alternatives that were previously out of reach,” Hack said.

Elevation Point’s minority stake partnership model provides capital, technology, and infrastructure to support RIAs while allowing them to maintain autonomy. The firm, founded by Jim Dickson and Mark Penske in 2024, has positioned itself as a growth partner for advisors seeking independence, rather than as a traditional aggregator or private equity firm.

Dickson, who previously founded Sanctuary Wealth and spent two decades at Merrill Lynch, emphasized the firm’s approach in a past interview with InvestmentNews.

“We’re not interested in fixer-uppers. Instead, we’re focused on partnering with those who believe they can improve, serve clients better, and grow faster. These are the opportunities we seek,” he said.

The investment in Waycrest Wealth follows Elevation Point’s recent deals with Family Office Partners, a $2.5 billion breakaway team from UBS in Louisiana, and Fortage Capital Advisors, another Michigan-based RIA. With these transactions, Elevation Point’s network now represents $8.2 billion in client assets as of June 30.