An advisory team that oversaw about $3.61 billion in assets under supervision at UBS has broken away to create RIA Cleros Wealth Partners in Fort Worth, Texas, the new independent firm announced Wednesday.
Cleros Wealth launched with a strategic investment from Elevation Point, which has taken a minority stake in the RIA, according to the firms.
The new RIA officially launched on Friday, a Cleros Wealth spokesperson told Wealth Solutions Report.
“The team chose independence for more flexibility to find investment opportunities, meet clients’ increasingly sophisticated needs, and help families steward their wealth across generations,” the spokesperson said. “The team has been looking into independence for more than a year and a half.”
Cleros Wealth said it chose Goldman Sachs Custody Solutions to custody client assets.
“Cleros chose Goldman Sachs for custody because of its research capabilities, asset management access, and a tech‑focused platform that can adapt quickly,” the Cleros Wealth spokesperson told WSR.
Elevation Point said last year that it was collaborating with Goldman Sachs to provide RIAs with services for banking and lending, trading, asset management and access to capital markets.
Cleros Wealth is led by Founding Partners Kyle Kight, Alex Armstrong and Jamie Packer.
The firm provides wealth management and financial planning services to high net worth families, endowments and foundations, it said.
“Cleros Wealth Partners represents the kind of firm we’re designed to support: one deeply rooted in their community with a genuine commitment to comprehensive, generational, and holistic planning for the clients they serve,” Brad Smithy, Founding Partner and President of Wealth Management at Elevation Point, said in a press release.
Smithy added, “We’re proud to partner with Cleros Wealth and provide the technology, investment solutions, bespoke private markets capabilities and other resources to help Kyle, Alex, Jamie and team build on an already strong foundation.”
The 11‑member Cleros Wealth team also includes: Angie Bentley, Senior Client Service Associate; Barbara Bodon, Senior Client Operations Specialist; Tiffany Hayes, Senior Client Operations Specialist; George Marlow, Investment Analyst; Cindy Molina, Senior Client Service Associate; Marlie Thomas, Senior Relationship Manager; Jennifer Watson, Client Service Associate; and Grace Wynne, Relationship Manager.
The majority of Cleros Wealth clients have roots in Fort Worth and the surrounding Tarrant County community, it said. The RIA noted that over 50% of clients have worked with the team for more than 20 years, with some relationships spanning over three decades.
The team previously operated as Thompson, Kight, Armstrong & Packer at UBS.
“I’m fortunate to have spent the past 27 years working alongside some of the best financial advisors in the industry, including the original founding partner of our group, who was a true pioneer in the business. Now, we have the opportunity to continue this legacy of doing what we do best for clients, with greater flexibility and more ways to serve them,” Kight said in the press release.
Kight added, “Our clients have worked very hard to build significant assets. Independence will strongly position us to continue providing personalized advice and plans for protecting and growing those assets from generation to generation for the benefit of their families and community.”
“Fort Worth has held onto what makes it unique as it has grown and transformed over time, and we are dedicated to doing the same for our practice and our clients,” Armstrong said in the release.
“Our mission is to make a difference in the lives of our clients and their families by giving them the big‑picture insights and confidence to pursue their life goals.”
Armstrong added, “We are proud of what we have accomplished and energized by where we can take our practice from here.”
Packer went on to say in the release, “We are committed to being in the best position possible to serve the families and organizations we are privileged to work with across generations: giving them the financial education and guidance to steward their wealth with purpose and intention.”
Packer concluded, “Elevation Point understands that long‑term commitment and respects the unique history and heritage of Fort Worth that shapes our client relationships and how we evolve alongside them.”
Over the past two years, Elevation Point has acquired minority stakes in several RIAs, including Harbor View Private Wealth, an Atlanta‑based firm that oversaw $1.3 billion in client assets at the team’s prior firm, UBS; Waycrest Wealth of Southfield, Michigan; Family Office Partners in Lafayette, Louisiana; and Fortage Capital Advisors in Bloomfield Hills, Michigan.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
