Elevation Point Stakes in $750M UBS Breakaway Team

Elevation Point has taken a minority stake in a financial advisor team that has broken away from UBS to launch its independent wealth management practice. 

Las Vegas-based Truing Capital Advisors is led by founding partners Russell Price and Salvatore “Sam” Mineo and offers investment management, tax and estate planning to high-net-worth clients, including company founders, entrepreneurs, divorces, and widows. 

The team also includes Vice President of Client Experience Sidney Thompson, Vice President of Relationship Manager Khristopher Hoopes and Senior Vice President and Director of Operations Tracy Winger, a spokesperson confirmed to Connect Money. 

At UBS, Price and Mineo formerly operated as MPI Wealth Management, where the team oversaw roughly $750 million in assets under supervision. 

Truing has selected Goldman Sachs Custody Solutions as its primary custodian, Elevation Point stated. 

“Everything about Truing starts with our clients,” said Mineo. “For more than 25 years, we’ve guided business owners and families through the moments that can change everything — selling a company, navigating a divorce, losing a spouse or preparing wealth for the next generation.” 

Price first registered in 2003 and had been with UBS since 2014, according to his BrokerCheck records. 

Mineo first registered in 1999 at UBS predecessor PaineWebber but left in 2001 and worked with five other firms before returning to UBS in 2014, per his BrokerCheck profile. 

Elevation Point’s addition marks the fourth firm to breakaway from a traditional wirehouse to go independent, following Atlanta-based Hampton Bluff Capital Partners, which was also affiliated with UBS, where they oversaw $1.3 billion in client assets. 

Elevation Point is one of the many firms that have added advisors from large wirehouses, including Merrill Lynch, Wells Fargo, and Morgan Stanley. About 14 advisors across 27 teams overseeing $28 billion have left UBS Wealth Management in the first half of the year, according to a recent report from New Jersey-based recruiting firm Diamond Consultants. 

Since its launch in 2024, Elevation Point has invested in practices representing about $14.4 billion in client assets under supervision. 

Pictured: Russell Price (Left) and Salvatore Mineo (Right)