Elevation Point, a minority investor in independent and breakaway advisors launched last year by former Sanctuary Wealth CEO Jim Dickson, has expanded its existing partnership with Goldman Sachs, giving advisors access to banking, lending, trading, asset management and capital markets capabilities. In addition, Goldman will now serve as Elevation Point’s primary custodian.
As part of the deal, Goldman will become Elevation Point’s primary provider of lending, direct indexing and custom models. The bank will also provide fixed income separate accounts, custody and capital markets.
“Goldman Sachs brings world-class capabilities and a deep expertise of the wealth marketplace,” Jim Dickson, founding partner and CEO of Elevation Point, said in a statement. “This partnership strengthens our ability to deliver tailored solutions and solve the complex challenges facing today’s most sophisticated advisory teams and their clients.”
“Elevation Point is one of the most dynamic and innovative firms in the RIA industry,” Jeremy Eisenstein, head of RIA Custody, Global Banking & Markets at Goldman Sachs, said in a statement. “Both of our firms have invested in the talent and infrastructure to offer a differentiated, digital-forward custody solution with a streamlined integration and onboarding process for independent advisors and we look forward to extending our partnership.”
The partnership announcement follows news in July that Elevation Point took a minority stake in Waycrest Wealth, a newly established RIA with about $1 billion in client assets in Southfield, Mich. Elevation Point has closed eight deals so far with independent RIAs with a combined $8.2 billion in client assets.
Since its launch, Elevation Point has made a series of hires from within the industry, including former leaders at BNY Pershing, Dynasty, Summit and UBS. It also announced an investment of its own from Emigrant Partners in May to take part in its investments.
In June, the firm added Eric Clarke, founding CEO of Orion Advisor Solutions, to its board of directors. The firm also added Mike Mikan, president and CEO of NeueHealth and former CFO of UnitedHealth Group, to its board.
Elevation Point was launched in June 2024 with the goal of taking minority stakes in RIAs with $200 million to $3 billion in client assets and helping those firms grow. Elevation Point is neither an aggregator nor a turnaround shop, but rather an “accelerator,” partnering with advisors to help them recognize and enhance their unique value propositions and grow by removing operational constraints, Dickson said.
Goldman Sachs continues to gain traction in its RIA custody business. Goldman first entered the custody business in 2020, when it acquired Folio Financial’s clearing and custody business, which had $11 billion on the platform from 450 advisors. It has been iterating and evolving the platform ever since.
In the last couple of years, Goldman has doubled down on serving the RIA market. In fact, it has a firmwide coordinated effort to bring its capabilities across divisions to the RIA community, the One Goldman Sachs Registered Investment Advisor strategy.
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