Company Details
Dakota's vision is to collaborate with companies that seek entrepreneurial partnership opportunities. By joining forces with like-minded firms, Dakota aims to create synergies and foster mutual growth. Through strategic acquisitions and alliances, Dakota is poised to expand its reach and enhance its capabilities in the market. This approach reflects Dakota's commitment to building strong and fruitful partnerships that drive innovation and success for all parties involved.
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Acquisition Model
Max Cash: 90%
Max Equity: 50%
Dakota's standard terms are 40% held in retention over a three year period.
Mandatory Points of Alignment
Dakota will centralize all back-office functions (accounting, payroll, HR, billing) so the advisor can focus on the business aspects they enjoy doing.
Dakota allows advisors to manage their own calendars and maintain a flexible timeframe for transitioning processes.
Showcasing their appreciation for entrepreneurial spirit and flexibility in strategy management, it is not required to centralize the P&L.
Dakota Wealth Management is dedicated to providing as many resources as possible to support advisors. The client experience revolves around offering customized solutions that encompass tax and estate planning.
Dakota provides support in practice management, but adoption is not required. This assistance includes defining staff roles and responsibilities for the local office, and guidance in employee reviews and performance management. Dakota also offers collaboration with partners to identify and implement strategic growth initiatives and help identify key performance indicators (KPIs) to provide a framework for success.
Dakota understands partners have their own way of managing money, so advisors can maintain their own strategies; however, they are required to centralize trading for compliance purposes.
Advisor Value Proposition
Dakota has enhanced its operations through several key initiatives. The Dakota Investment Committee oversees market conditions and sets the firm’s investment policy. The Engagement Team, with representatives from each office, fosters teamwork and produces the Quarterly Newsletter. The Financial Advisor Support Team (F.A.S.T.) ensures collaboration among operational and support staff, while the Advisory Council, including key stakeholders, maintains open communication with leadership to drive continued growth and success.
While there is no formal para-planning team, Dakota has an investment committee and estate planning experts whom advisors can leverage. They specialize in tax prep and planning, estate and trust planning, and divorce planning. Dakota Wealth also supports partners by offering additional technological capabilities, internal personnel resources, educational seminars/training, and team-oriented communication.
All offices benefit from centralized accounting, payroll, HR, billing, and more so the advisor can focus spend more time on client-facing activities.
Dakota Wealth Management offers customized wealth management solutions encompassing investments, tax planning and prep, estate planning, and retirement plan advisory services. They do not require cross-selling of these services. Dakota has "Dakota Tax Services", which has a team of tax professionals. Dakota also has a joint venture CPA partner.
Dakota Wealth is quite entrepreneurial regarding a partner’s desire to grow. Leadership believes that the local advisor should be responsible for determining growth rates and the pathway to achieving those objectives. While Dakota offers assistance to advisers, the firm won’t attempt to drive organic growth on the behalf of the adviser if there is not a cooperative effort.
Dakota Wealth extends support in practice management as an optional resource, respecting partners' autonomy in its adoption. This support includes defining staff roles and responsibilities at local offices, as well as providing guidance in employee reviews and performance management. Dakota Wealth collaborates with partners to identify and implement strategic growth initiatives. Additionally, they assist in identifying key performance indicators (KPIs) to establish a framework for success.
AUM Growth
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