Dakota Wealth Administration, Peter Raimondi’s registered funding advisory agency in Palm Seaside Gardens, Fla., has acquired Springside Companions, a female-founded and operated wealth administration agency in Akron, Ohio. The acquisition is Dakota’s fourth since its formation a 12 months in the past, bringing the agency’s complete property beneath administration to greater than $1 billion.
Springside Companions Founder and CEO Carina Diamond break up from sister firm SS&G Wealth Administration final summer time, and shifted her enterprise totally to fee-only, leaving Cetera Advisors.
Diamond will be a part of Dakota because the agency’s Chief Consumer Expertise Officer, and she's going to serve on the agency’s Govt Committee. Springside advisors will proceed to serve their purchasers out of their present location in Akron.
She’s well-known for encouraging feminine involvement within the trade. Diamond co-founded Springside Companions in 2014, providing monetary and funding planning for purchasers. Diamond stated she was excited concerning the likelihood to introduce Dakota purchasers to "flourish: ladies & wealth," a program she based to supply contributors schooling on wealth advisory points. 1000's of girls had enrolled in this system since its inception in 2009, Diamond stated.
"We've not been on the market; we simply discovered that after assembly with (Dakota's) workforce, we realized we may be even higher collectively and blow up this house," she instructed WealthManagement.com.
Raimondi shaped Dakota in 2018 with groups from Oakmont Companions, a Massachusetts-based RIA with greater than $300 million in property, and Florida-based Strategic Asset Administration Group, which managed $150 million in consumer property. In January, the agency introduced the acquisition of Boston-based GML Associates.
Raimondi's work at Dakota is the newest improvement in a protracted historical past of forming and increasing RIA corporations. After founding The Colony Group in 1986, Raimondi grew the agency to $1 billion in property for the following 20 years. He then based Banyan Companions, buying seven corporations in 5 years and rising the agency to $four.three billion in property earlier than promoting it to Boston Personal in 2014.
Diamond careworn the partnership was additionally a pure match due to the emphasis each corporations positioned on introducing and growing next-generation expertise within the trade.
"Collectively, we will convey numerous extra younger individuals into the house," she stated. "However we're additionally setting a nationwide instance."
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