Dakota Wealth Management, which serves high-net-worth (HNW) individuals and families, has signed a deal to buy Montana-based Loveless Wealth Management.
The deal, whose financial terms were not disclosed, marks Dakota Wealth’s fourth transaction in the last 12 months.
Founded in 1987 by Donald Loveless, Loveless is a SEC-registered investment advisory firm providing customized investment portfolio management, financial planning, tax planning and estate planning services to its clients.
The acquisition is said to be in line with the firm’s strategy to join a larger firm to ensure proper continuity of planning and care for its clients.
Loveless will mark the Palm Beach Gardens-headquartered investment management company’s first office in Montana.
Dakota Wealth Management founder and CEO Peter Raimondi said: “We were focused on firms primarily on the East Coast when we were approached by an opportunity with Loveless in Montana. After a lengthy conversation, we were convinced that the Loveless team was a great fit with Dakota from both a cultural standpoint and their approach to wealth management.”
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Loveless team consisting of Donald Loveless, Brian Suskevich, Maribeth Rector, and Hillary Lester will continue with the firm and serve their existing clientele.
The companies said that the firm’s client service and advice will remain the top priority throughout the transition.
Commenting on the deal, Rector said: “Dakota was a perfect fit. Their emphasis on people and relationships, both internally as a team as well as how that flows into taking care of clients, was very important to us. We are all excited to start this next chapter.”
Last year, Dakota Wealth scooped up boutique wealth advisory firm Persimmon Capital Management to expand its footprint in Philadelphia.
The firm currently has 14 offices across 10 US states.