Jim Dickson, founder and former CEO of Sanctuary Wealth, and Mark Penske, founder and chairman of United Atlantic Capital, a privately owned financial service holding company, have launched Elevation Point, a growth-focused wealth management firm designed to support independent advisors and registered investment advisors.

Elevation Point is focused on accelerating partner firms’ growth and elevating their independence through strategic investments, ranging from minority to majority stakes.

Elevation Point said at launch that it has agreed to acquire Mount Yale Capital Group, an Outsourced Chief Investment Officer (OCIO) with $3.4 billion in assets throughout its network of affiliated advisors. The transaction is slated to close this month.

John Sabre, who served as chairman, CEO, and managing partner of Mount Yale since 2003, is joining Elevation Point as executive chairman. Mount Yale will become part of Elevation Point, enabling the firm to launch with customizable OCIO solutions, alongside back and middle-office support services. The offerings will be available to advisors managing high-net-worth clients.

“This day is a longtime in the making — and 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,” said Dickson, founding partner and CEO of Elevation Point.

Dickson founded Sanctuary Wealth in 2018 as a supported platform for advisors desiring independence, and the firm grew to become one of the industry’s top hybrid RIA firms, with over $25 billion in assets and 76 partner firms in 28 states by 2023, when he abruptly resigned.

Dickson spent 20 years as an executive at Merrill Lynch before founding Sanctuary Wealth. He started his career three decades ago as an accountant for Ernst and Young.

“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,” said Penske, founding partner and VC of Elevation Point. “

The firm’s partnership growth model includes strategic investments, beginning with a minimum 20% commitment for independent firms, as well as access to its advisor support tools.

Elevation Point launched with an undisclosed oversubscribed funding round from family offices. The firm will also help partner firms looking for M&A opportunities. In the coming months, the firm will introduce Alt:62, an exclusive private investment network comprised of partner firms, Elevation Point, and “prestigious” family offices.

Elevation Point is one of several investment vehicle firms founded by industry experts in recent years. Last year, United Capital founder Joe Duran announced the formation of Rise Growth Partners, an investment business that aims to assist middle-market RIAs in expanding their practices. Karl Heckenberg, former CEO of Emigrant Partners, founded Constellation Wealth Capital that same year.