September 27, 2022


Enduring Values

Raimondi’s Dakota Wealth Management can make Montana RIA invest in

Venerable RIA builder Peter Raimondi is hunting west to locate his most recent deal concentrate on.

Raimondi’s $2.3bn RIA, Dakota Wealth Management, firm has acquired Loveless Wealth Management, a four-worker RIA controlling $230m which is dependent in Billings, Mont. The transaction marks the first growth for Dakota, which is centered in Palm Seashore Gardens, Fla., out of the jap time zone.

‘When we initially listened to about their availability, we passed on it due to the fact of how much west it was,’ Raimondi (pictured) explained of Loveless Wealth. ‘They arrived back again to us and reported they really wanted to discuss to us separately, that they had discovered a minimal bit about Dakota and requested if we would at least acquire a connect with in its place of passing on it.’

‘I believed: “If another person desires to speak to you that terribly, you really should probably do it,” and I’m guaranteed happy we did. The moment we had a conversation with them, we genuinely favored them a whole lot.’

Raimondi declined to comment on distinct financial phrases of the transaction but mentioned that it was financed with a combination of dollars and fairness. The offer shut on July 1.

Loveless Prosperity Administration, which is led by president Don Loveless, experienced sought a buyer for approximately a year just before it teamed up with Dakota. It even improved investment bankers along the way. The firm’s final representative, Nunnally International, served it discover Dakota as a possible spouse.

Dakota ‘separated them selves out in that they didn’t need that the management of the portfolios be taken in excess of immediately by a centralized financial commitment committee,’ Loveless said.

Dakota is Raimondi’s third RIA venture he beforehand launched The Colony Group and Banyan Associates. Considering that Dakota started in 2018, the firm has acquired seven distinctive RIAs all around the east coast.

The transaction with Loveless is Dakota’s 2nd of the year. In January, it obtained $440m Pineno Levin & Ford Asset Management in Richmond, Va.

Raimondi has taken a comparatively circumspect method to the the latest surge in RIA dealmaking fueled by private fairness companies and their RIA holdings.

‘Price does not seem to mirror the legitimate value of the firm any longer,’ he said. ‘Price looks to reflect the availability of money of the consumer. The much more non-public equity dollars prospective buyers have, the extra they’re keen to spend it. It is really just like shelling out other people’s funds.’

‘From our standpoint, we’ve usually put in our possess dollars. These are not purchases for us — they are investments.’