Editor’s Note:
Corrections were issued for this article to accurately reflect Waycrest Wealth’s assets under management, the position of Jay Hack, and the firm’s clientele.

Elevation Point has acquired a strategic minority stake in Waycrest Wealth, a newly independent RIA with approximately $1 billion in assets under supervision.  

Southfield, MI-based Waycrest Wealth, which was previously affiliated with Raymond James, is led by founder and managing partner Jay Hack and co-founder and operating partner Lowell Weiss. The team is also joined by their fathers, Paul Hack and Leonard “Lenny” Weiss. In addition to his role as co-founder of Waycrest Wealth, Lowell Weiss will also serve as operating partner of the firm, Elevation Point said. 

Elevation Point’s minority stake model will grant Waycrest Wealth access to the firm’s technology and infrastructure, which will effectively “enable a seamless transition to independence and accelerate long-term growth, without compromising autonomy,” the firm said. 

The firm specializes in investment management, financial planning, estate and tax planning, and alternative investing strategies. The seven-person team serves a range of clients, including physicians, business owners, attorneys, and philanthropic families, primarily across Michigan and Florida. Waycrest Wealth holds licenses in more than 40 states.

The investment marks Elevation Point’s seventh investment and its third transaction in the breakaway advisor space. The minority stake is worth about 20% in valuation, a company spokesperson told Connect Money. 

Additionally, this transaction marks the firm’s second deal since selling a minority stake to Emigrant Partners, Emigrant Bank’s RIA capital and advisory services arm, in May. 

“Elevation Point partners with successful advisors who are committed to enhancing the client experience and accelerating growth,” Jim Dickson, CEO and founding partner of Elevation Point, said to Connect Money. “The Waycrest team exemplifies that vision perfectly, and their desire to achieve that growth while maintaining ownership and control of their business makes them an ideal partner for Elevation Point.” 

The partnership comes after Elevation Point’s recent strategic minority stake in Lafayette, LA-based Family Office Partners, a $2.5 billion breakaway team from UBS Wealth Management.