Dakota Wealth, LLC (Palm Beach Gardens)

Name: Dakota Wealth, LLC
Address: 3001 Pga Boulevard, Palm Beach Gardens, FL, 33410
Telephone: 561-774-8029

Dakota Wealth, LLC is a large advisory firm based in Palm Beach Gardens. It manages $1 billion of regulatory assets for 863 client accounts. It has been registered with the SEC as an adviser since 2018 and has operated in the jurisdictions of Arizona, California, Florida, and 14 other states.

Dakota Wealth provides financial planning services and portfolio management for individuals and small businesses. It prepares financial plans for more than 25 clients. On top of advisory services, the firm doesn't engage in other business activities.

Dakota Wealth: assets under management

The assets under management (AUM) of Dakota Wealth, LLC is $1 billion, all of which is managed in discretionary accounts. The firm's AUM has grown by 222% since the beginning of its operation, and $614.43 thousand of the total AUM is attributable to clients outside of the United States.

The firm manages $1 billion in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $1.16 million each.

Dakota Wealth has custody of $237.95 million in cash and securities for 220 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in investment and business development companies the most. They account for 61% of the total AUM. The second-largest asset type is exchange traded securities, which make up 30% of the firm’s portfolio. Investments in cash and cash equivalents form 3% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Dakota Wealth, LLC for their services and products based on a percentage of assets under management, hourly charges, and fixed fees. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Dakota Wealth serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of Dakota Wealth is high net worth individuals with 247 clients and $717.45 million of assets under management. Among the 9 most similar advisory firms, Dakota Wealth has the 4th highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $998.12 million for 861 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. 1% of the firm’s clients are foreign persons or businesses.

Dakota Wealth doesn't advise any private funds.

Careers at Dakota Wealth, LLC

The company employs 29 people that are either part- or full-time employees. 55 percent of the employees work as investment advisers or researchers. 16 employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone with the role of looking for and bringing in new clients on behalf of the firm. The firm compensates employees in addition to the salary for bringing in new clients. Employees receive compensation from other entities for client referrals.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
John Frederick Desimone	Chief financial officer and managing partner	1 Dec 2006	Other	2301047
Peter Francis Mawn	Chief strategic officer and managing partner	1 May 2018	Other	2108586
Llc Dakota Wealth Management	Managing member	1 May 2018	75% - 100%	82-2787553
Michael Reed	Chief operating officer, chief compliance officer and managing partner	1 May 2018	Other	6943735
John Frederick Desimone	Chief financial officer and managing partner	1 May 2018	Other	2301047
Seth Honowitz	Elected manager	1 May 2018	Other	7172054
Alicia Caufield	Elected manager	1 May 2018	Other	7090932
Brenda Lourene Hood	Chief compliance officer	1 Jul 2019	Other	2009250
Carina Shipotofsky Diamond	Chief experience officer	1 Jul 2019	Other	4652063

Indirect Owners

The SEC currently registers 1 indirect owner.

Name	Entity	Date acquired	Ownership	Employer ID
Peter John Raimondi	Managing partner	1 May 2018	50% - 75%	1264256

Based in Palm Beach Gardens

The principal office where Dakota Wealth, LLC performs its advisory services is located at 3001 Pga Boulevard, Palm Beach Gardens, FL 33410, which is also the mailing address of the firm. An additional office of the firm is in Peabody, MA. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 561-774-8029 or by fax 561-774-8102. The normal business hours are 8:30-5:00 on Monday - Friday. You can find more information about the New York firm at oakmontpwm.com and its LinkedIn profile.