Eric Clarke, founding CEO of Orion Advisor Options, has joined the board of administrators at Elevation Level, the funding agency launched final yr by former Sanctuary Wealth CEO Jim Dickson. The agency has additionally added Mike Mikan, president and CEO of NeueHealth and former CFO of UnitedHealth Group, to its board.
Clarke will carry his experience in wealthtech and information technique to the function, as Elevation Level continues to construct out its know-how.
Clarke launched Orion Advisor Tech in 1999 to supply portfolio accounting software program to impartial advisors. He retired from his function as CEO of Orion on the finish of 2023, however remained on the board of administrators. He lately transitioned from Orion’s board to serve on an advisory council, together with Brian McLaughlin, former CEO of Redtail Know-how, and Noreen Beaman, former CEO of Brinker Capital, in line with revealed studies.
Dickson introduced the launch of Elevation Level final June. The agency takes minority stakes in RIAs with $200 million to $3 billion in shopper property and contributes assets to assist these companies develop. He partnered with Mark Penske, founder and chairman of United Atlantic Capital, a privately-owned monetary providers holding firm, on the brand new enterprise.
Because the launch, Elevation Level been finalizing its platform, constructing out the administration workforce and growing a pipeline of companies. They’ve performed 5 offers to this point, and the agency is approaching $6 billion in complete property.
“I feel it is confirmed that that thesis in minority investing is in excessive demand,” Dickson mentioned. “The 2 issues we wish to do is actually assist companies develop and ship the final word shopper expertise. I do not suppose anybody can argue each now and, extra importantly, sooner or later, the crux of that’s know-how and AI. And we imagine that on the finish of the day, the advisor will all the time be the middle of that supply, however behind it, there’s plenty of work to do to essentially make the most of how briskly know-how’s altering.”
Dickson’s workforce is chargeable for the execution and integration of that know-how, Clarke mentioned. However it’s the service expertise the agency has constructed across the know-how that’s going to create probably the most scale for these advisors.
Elevation Level makes use of Orion and Addepar as its core know-how suppliers on the reporting facet. Salesforce by way of Pracifi powers its CRM. Then, advisors have the optionality to plug into different suppliers by way of APIs. The agency can be working with Tifin to construct out AI brokers to tackle a number of the extra redundant duties, Dickson mentioned.
Mikan brings his M&A experience to the Elevation Level board, having performed some 139 acquisitions whereas at UnitedHealth.
Elevation Level additionally introduced that John Sabre, who served as CEO and managing companion of Mount Yale previous to its acquisition final yr, has retired from function as government chairman of the board. Penske is now serving as chairman.
Along with Penske, Dickson, Clarke and Mikan, the board additionally consists of Greg Anderson, co-founder of Mount Yale and chief funding officer at Elevation Level; and Liz Nesvold, chair of Emigrant Companions, who joined as an observer in Could when Emigrant acquired a minority stake within the agency.
Each Emigrant Companions and Elevation Level have related enterprise fashions; each take minority stakes in RIAs. However they’re going after completely different market segments. The partnership provides Emigrant publicity to the breakaway advisor house and permits Elevation Level to broaden its suite of providers for high-net-worth and ultra-high-net-worth shoppers.
