Jim Dickson, previously the CEO of Sanctuary Wealth, now is focused on investing in registered investment advisory (RIA) firms. AdvisorHub reports that Dickson's new company, Elevation Point, seeks to acquire minority stakes of at least 20 percent in advisory firms. Dickson's pitch is that his approach is better – for the RIA owners as well as their clients -- than private equity buyouts.

Dickson has teamed up with Mark Penske, who runs United Atlantic Capital, a wealth management investment business, and is the son of Penske Corporation Chairman and former NASCAR driver Roger Penske. Elevation Point has also agreed to purchase Mount Yale Capital Group, an outsourced chief investment officer (CIO) business. This acquisition will enable Elevation Point to offer CIO strategies and back-office support to the RIAs in which it invests. Mount Yale, based in Bloomington, Minnesota, serves RIAs with approximately $3.4 billion in assets.

Dickson, a former Merrill Lynch regional manager, founded Sanctuary Wealth in 2018 by acquiring regional broker-dealer David A. Noyes & Co. Sanctuary Wealth expanded to include around 75 partner firms and $25 billion in assets before Dickson's termination.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.