Elevation Point Acquires Minority Stake in $2.5B RIA Breakaway Team
Elevation Point has acquired a strategic minority stake in Family Office Partners, a newly independent RIA managing approximately $2.5 billion in client assets. The Lafayette, LA-based firm was founded by former UBS advisors Benjamin Domingue, Shawna Prejean, and Travis Frayard, marking Elevation Point’s first transaction in the breakaway advisor space and its first deal since selling a minority interest to Emigrant Partners earlier this year.
Family Office Partners operates as a 12-person team focused on delivering comprehensive family office services to ultra-high-net-worth entrepreneurs, closely held business owners, and multigenerational families. The firm offers a range of services including transaction advisory, liquidity event planning, ESOP solutions, estate structuring, and philanthropic advisory.
“This team has built deep trust with some of the most sophisticated families in the country,” said Jim Dickson, CEO and founding partner of Elevation Point. “Their decision to go independent speaks volumes about where the industry is headed, and our role is to ensure they have every advantage as they build a firm that reflects their values, their clients’ needs, and their long-term vision.”
Elevation Point’s investment provides Family Office Partners with critical operational scale, including access to institutional-grade custodial solutions through Goldman Sachs and BNY Pershing.
Founded in 2024 by Jim Dickson—former Sanctuary Wealth CEO—and Mark Penske, Elevation Point targets minority investments in independent RIAs managing between $200 million and $3 billion in client assets. Since launch, the Minneapolis-based firm has completed six transactions, including three so far in 2025: Stonebrook Private ($750M AUM, Michigan), Triton Wealth ($225M AUM, Minnesota), and Fortage Capital Advisors (Michigan).
The firm has also made a series of executive moves this year, including the addition of Eric Clarke, founding CEO of Orion Advisor Solutions, and Mike Mikan, president and CEO of NeueHealth and former CFO of UnitedHealth Group, to its board of directors.
Minneapolis-based Elevation Point reported managing over $2.4 billion in assets as of December 31, 2024, including over $1.5 billion in discretionary assets and more than $851.3 million in non-discretionary assets, according to its latest ADV filing.