Dakota Wealth Management says it’s acquiring Billings, Montana-based Loveless Wealth Management.
Founded in 1987 by Donald Loveless, Loveless Wealth offers investment portfolio management, financial planning, tax planning and estate planning, according to Dakota Wealth.
Loveless managed around $265 million for 714 accounts, according to its Form ADV updated in March.
The companies didn’t disclose the financial terms of the transaction nor when it’s set to close.
As part of the deal, Loveless, Brian Suskevich, Maribeth (Betsy) Rector and Hillary Lester will continue serving their existing clientele, according to Dakota Wealth. The team opted “to join a larger firm to ensure proper continuity of planning and care for its clients,” Dakota Wealth said in the announcement.
"With its emphasis on employee ownership, I felt Dakota was the ideal partner for us,” Loveless said in the announcement.
The addition of Loveless is the fourth deal in 12 months for Palm Beach Gardens, Florida-based Dakota Wealth and marks its first office in Montana, according to the firm.
"We were focused on firms primarily on the East Coast when we were approached by an opportunity with Loveless in Montana. After a lengthy conversation, we were convinced that the Loveless team was a great fit with Dakota from both a cultural standpoint and their approach to wealth management," Peter Raimondi, founder and chief executive officer of Dakota Wealth, said in the announcement.
Dakota says it now has 14 offices in 10 states. The firm managed close to $2 billion for 3,113 accounts, according to its Form ADV updated on June 30.
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