Strategic acquisition adds second office in Pennsylvania and first in South Carolina; AUM nears $4 billion mark
PALM BEACH GARDENS, Fla., November 1, 2023 — Dakota Wealth Management, an independent investment management firm serving high net worth individuals and families, has entered into an agreement to acquire JMG Wealth Management Group, Inc. an independent advisory firm affiliated with Raymond James which manages approximately $300 million in Mechanicsburg, PA and Hilton Head Island, SC.
A family-run practice, JMG Wealth Management Group is led by Jeffrey M. Goyette, Sr. alongside sons Jeffrey M. Goyette, Jr. and Jack Goyette, who are also wealth advisors. Jeff Goyette Sr. and Jeff Goyette Jr., along with their head of operations, Jessica L. Elscheid, join Dakota as Managing Directors.
“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.
Client service and advice will remain the top priority for both companies throughout the transition. The professional teams from both Dakota Wealth Management and JMG Wealth Management Group will remain in place to serve their current clientele.
“By joining Dakota, we can draw from their expansive resources, talent and broad footprint to positively impact the lives of our clients now and in the future, all while retaining the personalization of a local firm,” noted Jeff Goyette Sr.
“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.”
This is the second Pennsylvania office and first South Carolina office for Dakota Wealth Management. The Palm Beach Gardens, Fla.-based firm now has 16 offices in 12 states.
Gladstone Associates served as the sole advisor to JMG Wealth Management on this transaction.
“The JMG Wealth Management team is an excellent match for Dakota Wealth Management, and we are thrilled that they have chosen Gladstone Associates to represent them as their M&A advisor,” said Derek Bruton, Senior Managing Director at Gladstone Group Inc. “This partnership transcends mere numbers and signifies the synergy of combined talent and shared values, enabling the team to provide a broader range of services to assist clients across the United States in achieving their financial goals.”
JMG Wealth Management Group was founded in 2011 to provide comprehensive wealth management and planning to families, small business owners, non-profit organizations, and corporate retirement plans.
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.
About Gladstone Associates
Established in 2006, Gladstone Group Inc. is a nationally-recognized, specialized company offering M&A Advisory for RIAs (through Gladstone Associates, LLC) and Executive Search (via D.A.Kreuter Associates Inc) under one roof. The firm works closely with companies spanning the breadth of the financial services industry to provide tailored solutions for a broad range of M&A and talent recruitment needs.
Dakota Wealth Management