Jim Dickson, the former CEO of Sanctuary Wealth, has teamed up with fellow industry icon Mark Penske to launch a growth-focused wealth management firm dedicated to supporting independent-minded advisors and RIAs.
The newly launched firm, Elevation Point, aims to enhance the growth and independence of its partner firms through strategic investments, ranging from minority to majority stakes. The firm also provides its partners access to integrated services, technology, and support.
“Our mission at Elevation Point is clear: to partner with advisors who have a growth mindset, and who refuse to turn their back on their core values in order to achieve that growth," Jim Dickson, CEO of Elevation Point, said in a statement announcing the new firm.
Jim Dickson was previously the founder and CEO of Sanctuary Wealth, which has become one of the top hybrid RIA platforms in the industry. By 2023, the firm had amassed $25 billion in assets and 76 partner firms across 28 states.
Dickson was abruptly ousted in February last year, replaced by industry veteran Adam Malamed. That was after the board at Sanctuary “received information that evidenced that Mr. Dickson had not conducted himself in accordance with the requirements of his employment contract and his duties and obligations 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 spokesperson for Sanctuary told InvestmentNews.
Dickson also served as an executive at Merrill Lynch for two decades.
"In an industry being disrupted daily through continuous aggregation, we are bucking the trend and providing acceleration support to our partners that will not require them to meet a certain timeline or alter their vision," he said in announcing his new firm.
Elevation Point's partnership growth model focuses on RIAs seeking expansion and breakway wirehouse advisors, starting with a minimum 20 percent investment for independent firms. The firm's strategic growth partners are provided with industry-leading advisor support tools and services.
As a first step, Elevation Point has agreed to acquire Mount Yale Capital Group, an OCIO with a reported $3.4 billion in assets under management. That deal, set to finalize this month, will see John Sabre, Mount Yale's chairman, CEO, and managing partner, transition to the role of executive chairman at Elevation Point.
"For over 20 years at Mount Yale, we've championed a unique approach rooted in the fiduciary standard, fostering a culture of innovation and excellence," said John Sabre. "These values are now rooted in the DNA of Elevation Point, where the number one priority is elevating partner firms toward reaching their own unique long-term vision."
"Through the launch of Elevation Point and our acquisition of Mount Yale, we've combined the agility of a startup with the expertise of a renowned investment firm," added Penske, founding partner and vice-chairman of Elevation Point.
The move integrates Mount Yale into Elevation Point, bolstering its offerings with OCIO solutions and comprehensive support services for advisors nationwide.
Elevation Point’s launch was supported by an oversubscribed funding round, with capital coming from family offices. Additionally, the firm will offer intellectual and financial support to partner firms seeking M&A opportunities, addressing the growing succession-planning crisis.
The firm also unveiled plans to introduce Alt:62, a network comprising partner firms, Elevation Point, and prestigious family offices globally, which aims to provide unique private investment opportunities to clients and prospects of Elevation Point's partner firms. "Launching exclusively with family office capital empowers us to pledge to our partners that we will not compromise our shared vision," Dickson said.
After a two-year period of inversion, the muni yield curve is back in a more natural position – and poised to create opportunities for long-term investors.
Meanwhile, an experienced Connecticut advisor has cut ties with Edelman Financial Engines, and Raymond James' independent division welcomes a Washington-based duo.
Osaic has now paid $17.2 million to settle claims involving former clients of Jim Walesa.
Oregon-based Eagle Wealth Management and Idaho-based West Oak Capital give Mercer 11 acquisitions in 2025, matching last year's total. “We think there's a great opportunity in the Pacific Northwest,” Mercer's Martine Lellis told InvestmentNews.
Osaic-owned CW Advisors has added more than $500 million to reach $14.5 billion in AUM, while Apella's latest deal brings more than $1 billion in new client assets.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
