Transition Announcement: $3.6B UBS Team Launches Independent RIA with Elevation Point

A Fort Worth, Texas-based private wealth team managing approximately $3.6B in client assets has launched Cleros Wealth Partners, an independent registered investment advisor backed by a minority investment from Elevation Point.

Led by Founding Partners Jamie Packer, CIMA®, CPWA®; Kyle Kight, CFA; and Alex Armstrong, CFP®, the 11-person team previously operated as Thompson, Kight, Armstrong & Packer at UBS Private Wealth Management.

With guidance from Diamond Consultants, the partners evaluated multiple business models before determining that independence offered the right combination of control, investment flexibility, and long-term enterprise value.

Their decision was about more than leaving a firm where they had been successful for decades. It was about preserving what they had built for clients while creating a business they could own and develop for generations to come.

A Longstanding Practice with Deep Community Roots

The practice traces its roots back approximately 50 years, including three decades at UBS and its predecessor, PaineWebber.

Kyle, who has been with the practice since 1999, leads investment strategy. Jamie, a former UBS complex manager who joined the firm in 2004, oversees operations, strategy, and business development. Alex, who joined from Merrill in 2015, focuses on financial planning and business development.

Together, they serve approximately 150 core families, along with several endowments and foundations, many with longstanding ties to the Fort Worth community. Many of their client relationships span over 20 years.

The team had developed a highly customized investment approach, with alternative investments, specialized managers, and separately managed accounts playing an important role in serving its sophisticated clientele.

As the investment platform evolved, the partners began considering whether they could maintain the same degree of flexibility over the long term.

That prompted a broader examination of their business: Rather than continuing to operate as employees, could they create an independently owned enterprise that would better serve clients, protect the team, and establish a lasting legacy?

Exploring the Path to Ownership

The partners were not initially committed to independence. They were open to exploring the full spectrum of opportunities, provided the solution supported their investment philosophy and the clients who had entrusted them with significant wealth.

In conversations with Diamond Consultants, they considered remaining at UBS, joining another traditional wirehouse, affiliating with an employee-model private wealth firm, and pursuing several approaches to independence.

Their priorities were clear:

• Investment flexibility: Preserve access to specialized alternative investments, separately managed account managers, and independent performance reporting.
• Ownership and control: Build equity in their own enterprise and make decisions aligned with their clients and business.
• Operational support: Find a partner capable of providing infrastructure, capital, and expertise without sacrificing autonomy.
• Team continuity: Keep their experienced professionals together while creating meaningful opportunities for the next generation of advisors.
• Long-term growth: Establish a business designed to serve clients and their families for generations.

As they compared the models, ownership became an increasingly important consideration. Even the most attractive employee opportunity would leave them building enterprise value for someone else.

Independence offered a different path.

Why Elevation Point

The team ultimately selected Elevation Point as its minority capital partner, establishing Cleros Wealth Partners as an independently owned RIA.

The structure provides the partners with capital, operational resources, technology, and strategic support while allowing them to retain control of the business.

Equally important, the open-architecture environment enables the team to preserve the sophisticated investment approach its clients have relied on for decades, including access to specialized alternative investments and managers.

The partnership also gives Cleros the infrastructure to pursue growth without requiring the founding partners to assume every operational responsibility associated with building an independent firm.

For Jamie, Kyle, and Alex, the result is a business designed around their priorities: client service, investment capabilities, team development, and long-term ownership.

And with the ability to create an equity path for younger advisors, the firm is positioned to extend its legacy well beyond its founding partners.

A Relationship with Diamond Consultants Nearly Two Decades in the Making

Our relationship with the practice began in 2009, long before a transition was under consideration. Over the years, conversations centered on industry developments, the evolving landscape of advisor opportunities, and how different business models might support the team’s long-term goals.

As the partners began more seriously considering their future, those conversations became more focused. Rather than starting with a list of firms, we helped the team assess what mattered most to their clients, their colleagues, and the business they wanted to build.

The process included an in-depth working session with all three partners in Fort Worth to identify the investment managers, reporting capabilities, and operational requirements essential to any transition. From there, we helped the team evaluate competing models, connect with potential partners, compare proposals, and navigate negotiations.

Throughout the process, our objective remained consistent: Find a solution that would preserve the strengths of an exceptionally successful practice while creating opportunities that were not available within its existing structure.

The launch of Cleros Wealth Partners represents the culmination of that exploration—and a new chapter for a business with a remarkable history.

Diamond Consultants is grateful for the trust Jamie, Kyle, and Alex placed in our team and proud to have guided them through this important decision. We congratulate the entire Cleros Wealth Partners team and look forward to seeing all they build in the years ahead.

Considering what ownership could mean for your business? Schedule a confidential consultation with Diamond Consultants to explore your options.