Financial services firm Dominari Financial has purchased Fieldpoint Private Securities for an undisclosed sum.

Fieldpoint Private Securities is the broker-dealer and registered investment advisor unit of Fieldpoint Private Bank and Trust.

To be renamed as Dominari Securities, the acquired entity will help Dominari to expand business by debuting its new broker-dealer and registered investment advisor (RIA) arm.

Dominari Securities will operate as a full-service wealth management and investment advisory entity with specialisation in high-net worth (HNW) investors and ultra-high-net worth (UHNW) investors as well as family offices, small to mid-sized institutions, founders and entrepreneurs.

Besides, the firm will offer selected banking and lending services under a collaborative agreement with third-party institutions to serve investors, corporations and institutional clients.

Dominari Financial president Carlos Aldavero will supervise the merger of the newly purchased entity with the firm and will lead the company’s recruitment drive.

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With the completion of the deal, Fieldpoint Private Bank and Trust will continue to run its personal banking and commercial banking units as usual.

Aldavero said: “Since inception, our goal has been to move swiftly to execute a consolidation strategy forming a strong and differentiated platform of wealth management firms that cater to ultra-high-net worth (UNHW) and high-net worth investors (HNW).

“This transformative purchase gives us the organisational infrastructure and technology needed to scale Dominari into a financial services powerhouse.”

Dominari was established with an aim to buy revenue generating assets in the fields of fintech and financial services sectors.

Dominari board member Kyle Wool said: “Today’s purchase catapults Dominari Financial forward and lays the groundwork for future acquisitions.

“I am looking forward to working closely with Carlos to continue to identify additional synergistic companies to bring into the portfolio.”