A big part of being a Fiduciary is often the one most overlooked. Which is the need for a smooth succession to the next generation. For twenty years, we focused on growing our firm, Stillwater Investment Management, LLC. But as the great singer/songwriter Joni Mitchell once said, “something’s lost but something’s gained in living every day.”

Wealth management firms inevitably come to that fork in the road. Do we grow organically or partner with a like-minded firm? For us, the partnering route was the best course of action. After interviewing twenty firms, we decided on Dakota. All the firms we talked with were good at arithmetic. What separated Dakota was that they were, importantly, a cultural fit. Empathy sometimes is the forgotten calculus in wealth management. With Dakota, we found a home. Where people are put first, and empathy is a performance measure. It was the best decision we made.

Wealth management firms looking to partner should keep in mind the critical ideal that culture is paramount not only for their clients, but also for their employees and shareholders.

Succession was high in our minds when choosing a company with which to partner. We needed to attract the right person to lead our clients as the principals ponder retirement, especially in a close-knit community like ours, where it’s not easy to be an outsider. We were able to attract and hire a brilliant advisor, a native of Richmond who is not only extremely knowledgeable about markets but also brought a youth and vigor to our office that we didn’t even realize we were missing. Our clients are very happy with him, he is so personable and engaging. We would not have been able to find him without Dakota.

From the beginning, I was impressed with Dakota’s acquisition expertise. My transition went smoothly as a result of the hard work of my team, Dakota, and our custodian partners. I’m proud to be part of a dynamic, innovative, and growing firm like Dakota Wealth. We have diverse and talented people that set us apart in the industry.

We set the bar very high for ourselves when we decided to merge our firm. We wanted a partner who would continue to provide the highest level of care and service for our clients. A firm that would also value the contribution of our employees and provide them support and potential opportunity for advancement. But most importantly, we wanted to enjoy working every day with really good and talented people. People who shared our goals and values, in a collaborative environment based on mutual respect.

Dakota Wealth has met all our hurdles. Being a part of Dakota from the beginning has been one of the most rewarding experiences of my career. I consider myself very lucky to be a part of this great company and to work with the exceptional group of people who make Dakota the special firm that it is and will continue to be.