Elevation Point, an investment firm launched last month by former Sanctuary Wealth CEO Jim Dickson, has added two UBS executives as founding partners. Bradford Smithy and Robert B. Tamarkin joined the firm, which aims to take stakes in RIAs with $200 million to $3 billion in client assets and help accelerate their growth by providing a range of services and support.
Smithy and Tamarkin will serve as members of Elevation Point's executive committee and will focus on partnership development and Elevation's growth and expansion efforts. This will include working to identify partnership opportunities, helping to define the overall strategic vision for Elevation Point and talent acquisition.
“We're building an offering with the right resources needed for advisors to grow and grow quickly,” Smithy said. “Whether it's platform resources, technology or the ability to find experts across the universe of financial needs – such as tax planning, estate planning, investments or other services – our offering will enable advisors to identify easily 'best in class' solutions when they are taking clients through a financial planning process.”
In an interview with Wealthmanagement.com, Smithy and Tamarkin said they were excited to return to the freelance arena after spending their careers so far as office counsel. They also said they saw their moves as part of a trend of increasing independence within the wider adviser universe.
“We're coming from a world where there's a closed architecture to a world where it's really open,” Smithy said.
They added that in the month since launching Elevation Point, they've already had a number of conversations with RIAs and teams in several call offices about potential partnerships, and said tie-up announcements could come after Labor Day.
In terms of vetting opportunities, Tamarkin emphasized that while Elevation Point considers teams with AUM between $200 million and $3 billion, factors such as the teams' fit with the firm's culture are also important.
“It's all about the quality of the advisor and not just the quantity,” Tamarkin said. “If someone is growing fast earlier in their career, we're not tied to the number. We are looking to attract advisers who aspire to grow and who have clients at the heart of their business.”
Tamarkin, who worked alongside Dickson when both were at Merrill Lynch, said the two began talking about the possible move about a year ago.
“It just felt like an offering and an opportunity that just makes sense for clients and financial advisors,” Tamarkin said. “It led me to where we are now. And I couldn't be more optimistic about what we're bringing to market.”
“I have worked alongside and later competed against Brad and Robert for many years,” Dickson, CEO of Elevation Point, said in a statement. “They are regarded as leaders in our industry. They have consistently excelled at building deep relationships and trust with the financial advisors they serve, which aligns perfectly with Elevation Point's core values so that advisors can to provide personalized advice and innovative client experiences by continually leading advisors and staying ahead of industry shifts.”
Smithy brings more than 30 years of experience to Elevation. Prior to joining the firm, he spent more than 15 years at UBS, holding senior roles, including division director. In this capacity, he oversaw more than 1,900 financial advisors responsible for managing almost $500 billion in assets under management. Previously, Smithy spent more than 15 years at Merrill Lynch in various roles, including financial advisor, complex sales manager, district sales manager and complex director.
Tamarkin spent nearly 20 years at UBS, where he most recently served as market director for the Southeast market, leading the firm's wealth management offices in Atlanta and throughout Georgia. Previously, he managed offices in North Carolina, South Carolina, Alabama and Mississippi. Prior to that, he served as a financial advisor at Merrill Lynch for more than a decade.
Dickson's launch of Elevation Point last month came just over a year after he was was unexpectedly replaced at Sanctuary as CEO by Adam Malameda former Ladenburg Thalmann executive and member of Sanctuary's board of directors.
In connection with the launch, Elevation Point agreed to acquire Mount Yale Capital Group, an RIA and Chief Investment Officer with $3.4 billion in assets under management.