The September deal train is still rolling in the RIA space, with Jim Dickson's Elevation Point starting this week strong with a billion dollar-plus team of breakaways coming on board from UBS.
Elevation Point, a Minneapolis-based growth accelerator for independent advisors, has taken a minority, non-voting stake in Loxahatchee Capital, a multi-family office in Tequesta, Florida, managing $1.4 billion in assets.
The seven-member Loxahatchee team, previously known as the 440 Group at UBS, brings more than 30 years of experience from firms such as Merrill Lynch, JPMorgan Private Bank, and Morgan Stanley.
The new partnership aims to support Loxahatchee’s long-term expansion and its work with affluent families and institutions. The team, led by Andrew Plum and Thomas Cullen, has guided clients through significant market events over the past three decades.
“Going forward, with the help of Elevation Point, we are able to bring best-in-class solutions from any bank, custodian, or financial services firm in the industry to address the need presented in each unique client situation,” Plum said in a statement announcing the move Monday.
Loxahatchee Capital has established its headquarters in a 6,300-square-foot building in Jupiter-Tequesta, aiming to serve as a hub for client gatherings and events. The firm will continue to seek partnerships with private investors and institutions with assets exceeding $10 million.
Today's deal announcement, Elevation Point's largest to date, follows its recent minority investment in Waycrest Wealth, a Michigan-based RIA led by an advisor duo splitting off from Raymond James.
The team at Loxahatchee Capital also marks the latest in a continuing stream of exits from UBS, which is seeking to stem attrition with a new pay grid for its advisors – a move that at least one observer argues is "too little, too late."
Cleveland-based MAI Capital Management has also acquired J.W. Coons Advisors, an RIA overseeing $612 million in client assets with locations in Columbus, Ohio, and Naples, Florida.
J.W. Coons Advisors, founded in 2003, will adopt the MAI brand, with its leadership and staff remaining in place.
“As we continue to expand our reach in Ohio, Florida and beyond, we are excited to welcome Jim and his talented colleagues to MAI,” said Rick Buoncore, chairman and CEO of MAI. He noted that the acquisition will allow the Coons Advisors team to maintain its client-first approach while leveraging MAI’s broader resources.
The move comes shortly after MAI’s landmark acquisition of Los Angeles-based Evoke Advisors, a deal that nearly doubled MAI’s size to approximately $60 billion in assets and expanded its national footprint.
Finally, Carson Group, headquartered in Omaha, has added Senior Wealth Advisors Greg Diamond and Neil Cohen of GCD Advisors to its Great Lakes-area Carson Wealth office.
The duo, who have built a $300 million virtual practice with a focus on tax planning and preparation, join a team led by Mark McCallum in Palatine, Illinois.
Diamond described the move as part of a long-term succession plan, saying, “The move to Carson Wealth is part of our long-term succession strategy to align with a firm with a deeper bench of expertise and diverse group of advisors.”
Monday's double advisor addition comes on the heels of Carson’s acquisition of Wells Trecaso Financial Group in Akron, Ohio, which managed $570 million in assets.
Reporting $48 billion in assets, Carson Group has completed 19 acquisitions this year, further strengthening its presence in the Midwest and beyond.
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LPL Financial and Raymond James also add independent advisors from Osaic and Edward Jones in Michigan and Arizona.
The SEC-registered RIA advises on more than $1 billion in client assets, with no advisory fee through 2027 and no human financial advisors.
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