Citywire RIA reported that Elevation Point, an investor in registered investment advisers, has taken a minority stake in Truing Capital Advisors, a Las Vegas-based practice that previously oversaw $750 million in client assets while affiliated with UBS. Elevation Point's own announcement of the investment, issued through PR Newswire, confirms the core terms. Neither the press release nor the trade coverage found by our research discloses the size of the stake or the price paid.
The $750 million figure needs careful handling. Elevation Point's release describes it as assets under supervision, meaning managed plus advised assets, reported at the time of the partnership and not updated for market movement. It is a figure from the team's former firm, not Truing's own assets under management. The team previously operated as MPI Wealth Management in affiliation with UBS. According to the release, Truing will custody client assets with Goldman Sachs Custody Solutions, and the two firms are not affiliated.
Truing is led by founding partners Russell Price and Salvatore (Sam) Mineo, each of whom the release says has more than 25 years of experience advising business owners and families. The firm serves company founders, families with concentrated real estate or other holdings, and clients going through business sales, divorce or the loss of a spouse. AdvisorHub reported, citing a spokesperson, that the team has three support staff and joined Elevation Point on a Friday, and that it will operate as Truing under Elevation Point's corporate RIA. Per the press release, Truing operates under the name of Elevation Point Wealth Partners, LLC, which is registered with the SEC as an investment adviser, and Truing itself holds no separate SEC registration.
Elevation Point was launched in June 2024 by co-founders Jim Dickson and Mark Penske, according to its launch announcement. At launch the firm said it would take minority-to-majority stakes and would require a minimum 20% investment in independent firms. Its regulatory filings show a Form CRS dated March 31, 2026, listing a $100,000 minimum account size. The firm's stated target is to invest in RIAs managing between $200 million and $3 billion in client assets. Elevation Point's own release says it has invested in firms with about $14.4 billion in client assets under supervision since its launch, a cumulative figure from former firms rather than the firm's own assets. WealthManagement reported that Elevation Point is pursuing a $50 billion growth target over the next two years.
Truing is the 14th practice Elevation Point has added since 2024, according to a spokesperson quoted by AdvisorHub. Earlier deals covered in trade press include Family Office Partners in Lafayette, Louisiana, which was described as the firm's first breakaway-team deal in June 2025, and Forta Wealth Partners in Indianapolis, which chose Goldman Sachs Custody Solutions. AdvisorHub reported that, as of the announcement, the brokers' registrations still showed UBS affiliation, and a UBS spokesperson declined to comment. Elevation Point has also said it expects to add about $5 billion in new platform assets in the second half of 2026 and will seek another capital raise.
The deal shows how breakaway teams from wirehouses are now being structured around custody and minority capital rather than full sales. For advisors weighing a move, the custody arrangement and the terms of a partner's stake are as important as the headline asset figure, which usually measures a prior firm's book. For firm leaders, the pace of Elevation Point's deals will be a useful test of how many independent platforms can absorb teams of this size. Details on the stake's size and terms have not been disclosed.