The Rewiring of Wealth: How a $750M Breakaway Signals a New Infrastructure

LAS VEGAS, NV – October 20, 2026

Just as the global manufacturing sector has spent the last decade shifting from monolithic, centralized factories to agile, distributed supply chains, the wealth management industry is undergoing a structural rewiring of its own. The infrastructure that supports high-net-worth families and business founders is rapidly migrating away from traditional wirehouses. In its place, a decentralized network of independent advisory firms is emerging, powered by specialized growth accelerators and institutional-grade custodial rails.

The latest node in this expanding network is Truing Capital Advisors, a newly launched Las Vegas-based wealth management practice. Breaking away from UBS—where the team previously operated as MPI Wealth Management and oversaw approximately $750 million in assets under supervision—the firm’s launch provides a perfect case study into the mechanics of modern financial independence. Backed by a strategic minority investment from Elevation Point, Truing Capital Advisors illustrates exactly how seasoned financial professionals are leveraging new operational ecosystems to reclaim control over their practices without sacrificing institutional scale.

The Mechanics of the Modern Breakaway

For decades, the standard trajectory for successful financial advisors involved climbing the ranks within a major wirehouse. The appeal was obvious: massive brand recognition, built-in compliance infrastructure, and a proprietary technology stack. But as the financial lives of entrepreneurs and business owners have grown increasingly complex, the rigid frameworks of traditional brokerages have begun to chafe against the need for bespoke, open-architecture solutions.

Truing Capital Advisors is led by Founding Partners Russell Price and Salvatore (Sam) Mineo, veterans who each bring more than 25 years of industry experience. Before their tenure at UBS, which began in 2014, both built their foundational expertise at Nevada State Bank, where Price served as Executive Vice President and Director of Private Banking. Their transition to independence is not a rejection of scale, but a strategic realignment of how that scale is accessed.

"Our mission is to continue growing one relationship and one client at a time," said Russell Price, Founding Partner of Truing Capital Advisors, in the firm's launch announcement. "Our new structure gives us greater control over how we serve clients and the flexibility to build solutions around their needs, supported by the resources and capabilities of leading financial institutions. The discipline, integrity and experience our clients have come to expect from us will not change. What changes is our ability to deliver more for them."

From a regulatory and operational standpoint, the architecture of this breakaway is highly efficient. Rather than building a compliance department from scratch, Truing operates as a trade name of Elevation Point Wealth Partners, LLC, an SEC-registered investment adviser. This structure allows the founding partners to outsource the heavy lifting of SEC registration and ongoing compliance, freeing them to focus entirely on client-facing advisory work.

Accelerators vs. Aggregators: The $14.4 Billion Engine

The engine powering Truing’s transition is Elevation Point, a firm that represents a newer breed of wealth management facilitators. Founded in June 2024 by industry veterans Jim Dickson and Mark Penske, Elevation Point positions itself not as a traditional aggregator or roll-up firm, but as a growth accelerator.

Traditional aggregators often acquire majority control of registered investment advisors (RIAs), absorbing their brands and centralizing their operations in a way that can feel uncomfortably similar to the wirehouses advisors are trying to escape. Elevation Point, by contrast, takes strategic minority stakes. This provides breakaway teams with the necessary capital to transition and grow, while allowing the advisors to retain majority ownership, brand autonomy, and operational control.

"Russell and Sam have built their careers around helping business owners and families make thoughtful decisions when wealth and life become more complex," said Brad Smithy, Founding Partner and President of Wealth Management at Elevation Point. "Our role is to provide the infrastructure and resources that support the firm they are building while allowing them to retain the control and personal approach that make their practice successful."

The model has proven highly magnetic. Since its inception just over two years ago, Elevation Point has partnered with 14 practices representing approximately $14.4 billion in client assets under supervision. This rapid accumulation of assets—bolstered by a long-term minority investment from Emigrant Partners in May 2025—highlights a deep, pent-up demand among wirehouse advisors for a middle path between complete corporate absorption and total, unsupported independence. By providing a curated technology stack, operational support, and transition capital, the accelerator model drastically lowers the barrier to entry for establishing a boutique wealth management firm.

The New Custodial Rails: Leveraging Goldman Sachs

Perhaps the most fascinating aspect of the modern RIA infrastructure is the shifting dynamics of custodial power. For an independent advisor, the custodian is the foundational layer of their practice—the institution that actually holds the clients' assets, executes the trades, and provides the reporting interface.

Historically, this space has been overwhelmingly dominated by Charles Schwab and Fidelity, which collectively hold over $8 trillion in RIA assets. However, Truing Capital Advisors opted for a different route, selecting Goldman Sachs Custody Solutions (GSCS) to safeguard its clients' wealth.

This decision is highly strategic and reflects a broader trend among high-net-worth breakaway teams. When advisors leave a globally recognized wirehouse like UBS, they face the immediate challenge of reassuring affluent clients that their money is still safe and supported by institutional-grade infrastructure. The Goldman Sachs brand carries immense weight in this regard.

"When we decided to go independent, we wanted to give our clients more, not less," Price noted regarding the custodial selection. "Our relationship with GSCS does exactly that. It gives our team access to world-class resources, research and insights, so we can spend more of our time on what we do best: delivering thoughtful advice, planning and guidance on the complex decisions that matter most to the families we serve."

Beyond brand leverage, GSCS—which operates through the SEC-registered broker-dealer Folio Investments, Inc.—is aggressively positioning itself to capture complex wealth practices. By offering advanced technology, specialized lending solutions, and streamlined access to alternative investments, institutional custodians like Goldman Sachs are providing the sophisticated plumbing required to run a multi-family office model at scale.

Engineering Solutions for Complex Wealth

Ultimately, the infrastructure of wealth management is evolving because the nature of wealth generation is evolving. The modern high-net-worth client is rarely just a passive investor looking for a standard portfolio of mutual funds. They are company founders navigating liquidity events, entrepreneurs managing concentrated stock positions, and families untangling multi-generational real estate holdings.

"Everything about Truing starts with our clients," said Sam Mineo, Founding Partner of Truing Capital Advisors. "For more than 25 years, we've guided business owners and families through the moments that can change everything — selling a company, navigating a divorce, losing a spouse or preparing wealth for the next generation. We designed Truing around those moments: bringing the right resources together, simplifying complexity and giving each family the time and attention it takes to get it right."

The name "Truing" itself is borrowed from the mechanical process of bringing the various components of a wheel into perfect alignment so it spins without friction. It is an apt metaphor for the firm's philosophy, which explicitly seeks to coordinate investment management, tax-aware planning, and estate structuring.

In a wirehouse environment, coordinating these disparate financial elements often requires navigating internal silos and proprietary product mandates. In the independent ecosystem, a firm like Truing can act as an agile, unconflicted hub, plugging into specialized third-party software for tax optimization and estate modeling, all while resting on the secure rails of an institutional custodian. As global business becomes more interconnected and the modern workspace continues to evolve, the financial systems supporting the architects of that progress must adapt accordingly, proving that the future of wealth management lies not in monolithic institutions, but in dynamic, aligned partnerships.