Elevation Point, an investment firm launched last year, has taken a minority stake in Waycrest Wealth, a newly established registered investment advisor with about $1 billion in client assets in Southfield, Mich.
The firm’s founders are two second-generation advisors breaking away from Raymond James along with their fathers. Waycrest was co-founded by Managing Partner Jay Hack, a Raymond James advisor for more than 19 years, and Operating Partner Lowell Weiss, who had been with the broker/dealer for about 16 years. Hack’s father, Paul, is also a co-founder of the RIA along with Weiss’s father, Leonard.
Paul Hack started as an advisor in 1969 at Roney & Company, which was acquired by Raymond James. Leonard Weiss started his career in 1977 at Shearson Hayden & Stone and later worked for firms including Prudential/Wachovia and EF Hutton before founding Weiss Wealth Management Group of Raymond James in 2005.
“We are very proud of our deep roots in serving multigenerational clients with customized strategies,” Jay Hack said in a statement. “Transitioning to independence now opens up a whole new world for serving our clients, giving us the flexibility to leverage leading-edge technology and access a wider range of investment options, including alternatives that were previously out of reach.”
Waycrest’s seven-person team has clients including physicians, business owners, attorneys and philanthropic families, primarily in Michigan and Florida, though it is licensed in 40 states. It also specializes in intergenerational wealth transfer, business succession and legacy planning.
The RIA is Elevation Point’s seventh investment and second breakaway firm since it was started last year by former Sanctuary Wealth CEO Jim Dickson.
“Welcoming Jay, Lowell, and their multigenerational family teams, including their fathers, is a meaningful milestone,” Dickson said in a statement.
The minority stake will give Waycrest capital, technology and infrastructure options through Elevation Point, which has invested in firms representing a combined $8.2 billion in client assets in 2025.
In June, Elevation Point invested in a team advisors from UBS that started up Family Offices Partners in Lafayette, La. It was the first deal since Elevation Point sold a minority stake to Emigrant Partners in May and its first in the breakaway space. While Emigrant Partners and Elevation Point have similar business models, the investment gave Emigrant exposure to the breakaway advisor market.
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