The acquisition honors the legacy of Lokken Investment Group’s late founder, Jon Lokken, by integrating his firm’s high-touch, client-first philosophy with Dakota Wealth Management’s expansive resources, sophisticated technology, and deep bench of wealth management professionals.

Peter Raimondi, the Founder and CEO of Dakota, shared his enthusiasm about the acquisition: “The acquisition of Lokken represents a special opportunity for Dakota to continue the legacy of Jon Lokken and partner with the exceptional team of professionals he surrounded himself with. Jon’s legacy will carry forward in Dakota through the success and continued growth of the team he assembled, and the familial culture they share. Dakota is proud to have been chosen by Karlyn, Carrie and team and we’re excited to launch our new Dakota Lewes office.”

The Lokken Investment Group team, under the leadership of Carrie Ruark (a 20-year veteran of the firm) and a six-member team, including Jessica Bimonte (the daughter of Jon), will integrate into Dakota, continuing to serve clients from their existing office, which will become Dakota Wealth Management’s 17th location nationwide. The Lewes team marks Dakota’s expansion into the state of Delaware. This continuity of personnel ensures that clients retain their enduring relationships with the advisors they trust and know.

Karlyn Lokken, the wife of the late founder, was instrumental in selecting Dakota Wealth Management as the ideal successor firm to carry on her husband’s legacy.

“When my husband passed away unexpectedly, I found myself in the difficult position of needing to find a firm to take over the business he had built. My top priorities were twofold: first, ensuring that the clients would continue to receive the same high level of service and care they had always known; and second, providing support and professional growth opportunities for the team he had established.

From our initial conversations, it was clear that Dakota would fulfill these needs.

Our core values and philosophies align perfectly, which brings me great peace of mind knowing that Dakota shares my husband’s vision and principles. I have complete confidence that, with Dakota’s resources and support, our team will be able to maintain the highest level of service for our clients for many generations to come.”

Jess Polito from Turkey Hill initiated the introduction and assisted in facilitating the transaction on behalf of Lokken.

About Dakota Wealth Management

Dakota Wealth Management is an independent investment management firm serving high net worth individuals and families. Headquartered in Palm Beach Gardens, Florida, Dakota provides a personalized approach to wealth management, financial planning, estate and tax services for selected clients. Founded by RIA industry veteran Peter Raimondi, Dakota has a national footprint with offices across the country.

About Lokken Investment Group

Lokken Investment Group is a registered investment advisory firm dedicated to providing comprehensive, personalized financial planning and investment management services to individuals and families. Founded by Jon Lokken in 2008, the firm has built a reputation for its deep client relationships and unwavering commitment to stewardship.

Dakota closed its acquisition of Lewes-based Lokken Investment Group, which manages $455 million in client assets, on October 31. For Lokken, the deal represents a permanent succession solution.

The firm’s founder, Jonathan Lokken, passed away unexpectedly in September 2024. Upon his death, ownership transferred to his widow, Karlyn Lokken. Together with the firm’s management, she retained Turkey Hill Management to evaluate potential acquirers—reviving a process Jonathan had initiated in 2022 but later paused.

“I knew what my husband was looking for when he was searching for a partner, and I knew the kind of people I wanted to take over our office and have our people join their team,”
— Karlyn Lokken, owner, Lokken Investment Group

Lokken and managing principal Carrie Ruark led the initial meetings with suitors. Ultimately, a visit to Dakota Wealth Management’s Palm Beach Gardens, Florida headquarters convinced them that Dakota was the right fit.

“I knew as soon as we landed in Florida and stepped into the Dakota office that they were going to take care of our clients and take care of our team the way that Jonathan would have wanted,”
— Karlyn Lokken

For Dakota, the acquisition boosts total assets under management to approximately $7.3 billion and expands its presence in the Mid-Atlantic region.

Dakota CEO Peter Raimondi declined to disclose financial terms but confirmed that every Lokken employee will receive equity in Dakota.

“I know the firm will gain a breadth of talent,” Raimondi said.

Dakota Wealth has been backed by Emigrant Partners since 2023. Raimondi—known as the founder of The Colony Group and Banyan Partners—launched Dakota in 2018. Today, roughly 93% of Dakota’s 86 employees hold an equity stake in the firm.

Click here to view the original CityWire article.

‘I figured we’d be a $5bn firm, on our way to $10bn if we wanted to be,’ said Raimondi, Dakota’s chief executive. ‘We are a little ahead of schedule and I would say the firm is definitely at a place today where we don’t ever need to make any other acquisitions.’

Dakota has been minority-backed by RIA investor Emigrant Partners since 2023, which doubled down on its bet with a follow-on investment a year later. Even with the institutional backing, Dakota has more than 70 shareholders out of its 79 employees, Raimondi said. That helps ensure Dakota will still be humming along even after Raimondi exits, whenever that may be. ‘They all have a stake in what’ s happening, and that wealth is being created for them as well as their clients, ’ Raimondi said of his employees. ‘We’re already at that stage where we have a fully-fledged, never-need-to-be-sold forever company.’

Click Here to Read the Full Article

The Citywire RIA 50 Growers Across America ranking is an independent listing of RIA firms produced annually starting in 2020 by Citywire magazine. It is based on publicly available reported numbers compiled by discovery data. Data compiled includes percentage growth in AUM, monetary growth in AUM, and percentage growth in employees. This award does not evaluate the quality of services provided to clients and is not indicative of the practice’s future performance. Neither the RIA firms nor their employees pay a fee to Citywire magazine in exchange for inclusion in the RIA 50 Growers Across America ranking. For full methodology and other factors taken into consideration for the ranking click here.

With 40 years of experience building successful RIAs, including three exceeding $1 billion in AUM, Peter Raimondi, Founder and CEO has prepared Dakota Wealth Management for the future. “I’m incredibly proud to say that Dakota Wealth Management represents the finest group of talent I have worked with. Elevating Bryan, Leslie and Tim will help power Dakota’s sustainability, growth, and exceptional culture for many years to come.”

Bryan Keller has been elevated from Chief Strategic Officer to President of Dakota Wealth Management. He first met Raimondi through an acquisition over 15 years ago and joined his personal investment team in Palm Beach Gardens shortly afterward. He has grown his collaboration with Raimondi by assisting him in merger and acquisition analysis and due diligence since 2013. When Peter founded Dakota, Keller played a crucial role in its initial launch, which included two acquisitions within the first month. For the past seven years, he has led Dakota’s M&A initiatives and established Dakota’s Integration Team, essential for evaluating acquisition targets and overseeing their seamless integration into Dakota. As President, Keller will now add to his role by concentrating on advisor development and growth, and executing on the firm’s strategic initiatives. Raimondi remarked, “Bryan had worked at my side for the last fifteen years through several professional transitions from the meteoric growth at Banyan Partners, its ultimate sale and integration into Boston Private Financial Holdings, and helping me build Dakota as a ‘true start-up’ RIA since 2018. His growth as a professional is evidenced by his exceptional communication skills and empathy and I look forward to his continued leadership.”

Leslie Arsenault Metz (JD, MBA) now adds Chief Operating Officer to her existing role as General Counsel. With her extensive background in both law and business management, Leslie is well-equipped to take on this dual role. Her appointment as COO is expected to bring a fresh perspective to the operational strategies of the company. Known for her strategic vision and commitment to excellence, Leslie has already made significant contributions as General Counsel, where she streamlined legal processes and enhanced compliance frameworks. In her new capacity, she aims to foster innovation, improve efficiencies, and drive sustainable growth across all departments. Raimondi shared the following regarding Metz’s promotion: “Leslie has consistently demonstrated a high degree of collaborative leadership and the ability to inspire people to achieve their best. I remain enthusiastic about the impact she will undoubtedly have on Dakota for years to come.”

Tim Melly (CFA®) has been promoted from Director of Investment Solutions to Chief Investment Officer at Dakota. Since joining the company in 2021 through an acquisition, Melly has showcased his investment acumen by creating innovative solutions and tools for investment clients. Tim oversees a talented team of portfolio managers and research analysts. He and his team anticipate their launch of Dakota’s first internally created ETF later this year.

This strengthened executive team will now guide Dakota through several key strategic initiatives. These include:
• Further mergers and acquisitions (M&A) growth.
• Implementation of additional organic growth strategies.
• Launch of “Dakota U,” a comprehensive advisor training and education program.
• Expansion of trust services.
• Growth of tax and estate planning offerings.
• Development of executive planning capabilities.
• Expansion of investment offerings and capabilities.
• Enhancement of advisor succession and continuity planning.

Following fifteen transactions since its inception in 2018, Dakota Wealth Management spent 2024 integrating these additions, fostering a unified company culture. The firm’s impressive growth trajectory is evident in its AUM increase from $3.5 billion to $6 billion in just six months of 2023, fueled by $2.5 billion in acquisitions. The acquisitions made in 2023 have demonstrated strong organic growth, averaging 10% in 2024.
This expansion also resulted in a significant increase in employees, from 55 to 80. Notably, 90% of Dakota’s employees hold equity in the company, reflecting a strong commitment to shared success.

With these promotions and growth initiative announcements, Dakota’s long-term foundation has been reinforced with next-generation leadership, and substantial capital backing all contribute to its promising future.

Media Contact: Jessie Hughes
Director of Marketing
jhughes@dakotawm.com

Dakota Wealth Management is an independent investment management, wealth and estate planning, and full-service tax planning firm serving high-net-worth individuals, families, and institutions. Headquartered in Palm Beach Gardens and founded by RIA industry veteran Peter Raimondi, Dakota elevates wealth management to an art with thoughtfully designed investment portfolios and personalized wealth management services. Dakota also provides a full suite of financial planning, estate and tax services for selected clients. For more information, visit www.dakotawm.com.

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That “Dakota energy” might explain why the firm has experienced some of the most exceptional growth in the RIA industry – recently surpassing $5 billion in assets under management in just its fifth year since launch.  In this episode of RIA+, Emigrant’s Mark Bruno sat down with Dakota’s founder and CEO, Peter Raimondi, Chief Strategic Officer Bryan Keller, and General Counsel Leslie Arsenault Metz. This in-person interview with the Dakota leadership team details the story behind Dakota’s growth, how the firm is approaching M&A opportunities, and what’s next for one of the RIA industry’s fastest growing firms.

Listen to the podcast here

Dakota Wealth Management was chosen as one of this year’s top 75 based on employer and employee surveys delving into everything from company culture, benefits, career paths and more.

The name “Dakota” means friend and ally, and that’s who we consider our colleagues and clients,” said Peter Raimondi, CEO of Dakota Wealth Management. “We have intentionally built Dakota as an employee-owned, inclusive, collaborative firm for generations to come. What sets Dakota apart is that 88% of our employees are equity members in the firm. We believe having a financial stake in the success of the firm creates a unique culture ensuring exceptional service to our clients.”

InvestmentNews partnered with Best Companies Group, an independent research firm specializing in identifying great places to work, to compile the survey and recognition program.

“Every year, InvestmentNews is proud to profile those who prioritize taking care of their own. We applaud this year’s Best Firms for Advisors winners for investing in their most precious resource: their people.” said Paul Curcio, executive editor of InvestmentNews.

To learn more about the InvestmentNews 2024 75 Best Places to Work for Financial Advisers, please go to https://www.investmentnews.com/best-in-wealth/the-best-places-to-work-for-financial-advisors-in-the-usa.

About Dakota Wealth Management

Dakota Wealth Management is an independent investment management, wealth and estate planning, and full-service tax planning firm serving high-net-worth individuals, families, and institutions. Headquartered in Palm Beach Gardens and founded by RIA industry veteran Peter Raimondi, Dakota elevates wealth management to an art with thoughtfully designed investment portfolios and personalized wealth management services. Dakota also provides a full suite of financial planning, estate and tax services for select clients. For more information, visit www.dakotawm.com.

PALM BEACH GARDENS, Fla., Jaunary 3, 2024/PRNewswire/ —

Dakota Wealth Management, an independent investment management firm serving high net worth individuals and families, has entered into an agreement to acquire Ledge Wealth Management, Inc., a registered investment advisory firm managing approximately $400 million in Sartell, MN. The firm advises on an additional $200 million in assets through its robust 401(k) advisory services business.

With the addition of Ledge, Dakota Wealth Management now manages ~$4.9 billion.

Kurt Durrwachter, Founder and CEO of Ledge Wealth, joins Dakota Wealth along with COO and partner, Gina K. Bartell and six associates.

“We add firms intentionally and purposefully,” said Peter Raimondi, Founder and CEO, Dakota Wealth Management. “In addition to providing exceptional wealth management counseling to individuals and families, Kurt and his team have demonstrated expertise in designing employer sponsored plans for business owners.”

Client service and advice will remain the top priority for both companies throughout the transition. The professional teams from both Dakota Wealth Management and Ledge Wealth will remain in place to serve their current clientele. Mr. Durrwachter and Ms. Bartell will join Dakota Wealth as Managing Directors.

“It was very important to find a stable but growing company that was interested in continuing to encourage entrepreneurship,” noted Durrwachter. “I think Peter has built a firm from day one that’s very intentionally designed for future generations to come.”

Alaris Acquisitions served as the advisor on this transaction.

“Alaris was delighted to participate in the role of advisor for this transaction, as we perceive a remarkable alignment of cultures between Dakota and Ledge,” remarked Allen Darby, CEO of Alaris Acquisitions. “Dakota brings operational expertise that will provide Kurt and Gina with significant capacity gains, within an exceptionally entrepreneurial setting that empowers them to continue contributing to the ongoing development of the larger Dakota story.”

This is the second Minnesota office for Dakota Wealth Management. The Palm Beach Gardens, Fla.-based firm now has 15 offices in 9 states.

Ledge Wealth was originally founded in 2010 as an affiliate of Cambridge Investment Research and became an independent registered investment advisor in 2012 committed to providing unbiased investment advice and legacy planning for high net worth individuals, families, and business owners.

Dakota Wealth Management was launched in May 2018 to deliver a transformational wealth management experience dedicated to creating multi-generational wealth and success for clients and partners. Since its founding, Dakota Wealth Management has grown assets under management both organically and through strategic acquisitions.

About Dakota Wealth Management

Dakota Wealth Management is an independent investment management, wealth and estate planning, and full-service tax planning firm serving high-net-worth individuals, families, and institutions. Headquartered in Palm Beach Gardens and founded by RIA industry veteran Peter Raimondi, Dakota elevates wealth management to an art with thoughtfully designed investment portfolios and personalized wealth management services. Dakota also provides a full suite of financial planning, estate and tax services for selected clients. For more information, visit www.dakotawm.com.

CONTACT:

Marie Albin

Dakota Wealth Management

(561) 774-8103

malbin@dakotawm.com