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Dakota Wealth Buys Tax and Consulting Firm

By Alex Padalka January 4, 2019

Dakota Wealth Management, co-founded by Peter Raimondi only last year, continues its aggressive acquisition spree with its third addition in eight months, the company says.

Boston-based GML Associates, founded in 1992 by Gary Locarno and later joined by Katelyn Ainsworth, will continue offering tax and consulting services but will now operate as part of the Dakota Wealth Management brand, according to a press release from Palm Beach Gardens, Fla.-based Dakota Wealth.

GML will also continue offering legal services, with Raimondi and John DeSimone, who are both attorneys and members of the Massachusetts Bar Association, becoming part of the GML legal team, Dakota Wealth says. The companies did not disclose the financial terms of the deal.

In addition to continuing to provide tax counseling, estate planning and legal services, getting acquired will let GML tap into Dakota Wealth’s investment and wealth management resources and expand its geographic reach, according to the press release.

"We are very excited to merge with Dakota Wealth Management and pleased to be a part of an organization that has the resources that can help us add significant value to our clients,” Locarno says in the press release. “Peter’s vision for Dakota aligns completely with our personalized client approach and values, and his comprehensive approach to client services and forward-thinking culture has helped to make the merger of our two teams completely seamless.”

Co-founded by Raimondi this past spring, Dakota Wealth manages more than $700 million, the company says.

It offers customized wealth management and tax and estate planning to high net worth individuals and families as well as institutions, according to the press release.

Raimondi had previously founded the Colony Group in Boston in 1986 and later Banyan Partners, in 2006, which he then sold to Boston Private in 2014, Dakota Wealth says.

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Tags:  Finding and winning new clients , Fees and compensation , Staffing and recruiting , Tax planning , Family wealth/family office

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