Dakota Wealth Management is to acquire a family-run practice in a deal which adds around $300 million to its AUM, taking it to near $4 billion.
The independent investment management firm has agreed to acquire JMG Wealth Management Group, affiliated with Raymond James, which has offices in Mechanicsburg, Pennsylvania and Hilton Head Island, South Carolina.
JMG was founded in 2011 and is led by Jeffrey M. Goyette, Sr. alongside his sons Jeffrey M. Goyette, Jr. and Jack Goyette, who are also wealth advisors; all three join Dakota as managing directors along with their head of operations Jessica L. Elscheid.
"Dakota's culture attracted us," added Jeff Goyette Jr. "Our business was built on the foundation of leaving a legacy. Joining a practice with peers that I can learn from and grow alongside positions us and our clients for generations. Dakota allows us to be even more thoughtful and intentional in helping our clients leave their legacy."
Professional teams from both firms will remain in place to serve their current clients.
The deal means Dakota Wealth will have two offices in Pennsylvania office and its first in South Carolina, taking its total footprint to 16 offices in 12 states.
"We look forward to leveraging our operational scale to add to their high-touch wealth management experience and to establishing our footprint in central Pennsylvania and beyond," said Peter Raimondi, Founder and CEO, Dakota Wealth Management.
Gladstone Associates is acting for JMG Wealth Management as its sole advisor on the transaction.
A slow drip of disclosures, an executive exit, and a stock that fell hard before the suit landed
New research finds unpaid caregivers are more likely to struggle with debt, lower savings and diminished retirement confidence than non-caregivers.
Large broker-dealers and registered investment advisors have, since 2020, been developing or sticking to strategies and tactics to combat the pain of intense, short-term market volatility
Centaurus Financial touts its independence as a key selling point at a time when many firms are being swallowed up.
New TIAA Institute research finds professional guidance narrows the gap between retirement dreams and reality.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
