The fledgling wealth manager targets another RIA merger that brings in tailored tax and advisory heft.

Dakota Wealth Management has kicked off the New Year by acquiring Boston-based tax and advisory practice GML Associates. This is the third deal the independent US wealth management firm has made since forming in May 2018 under industry veteran Peter Raimondi.

The latest deal, which took effect on Jan 1, bolsters Raimondi’s acquisition-growth strategy bringing in GML’s sizable tax and consulting practice, while Raimondi and partner John DeSimone, both lawyers, will join GML’s legal team, the firm announced yesterday.

GML was founded by Gary Locarno in 1992, and later joined by Katelyn Ainsworth. In the merger, the two principals will continue providing highly tailored business, tax and estate planning advice to their clients under the Dakota Wealth Management brand. Dakota will provide access to additional services such as investment management, greater wealth management resources, and wider access to the US market, the firm said.

“Peter’s vision for Dakota aligns completely with our personalised client approach and values, and his comprehensive approach to client services and forward-thinking culture has helped to make the merger of our two teams completely seamless,” Locarno said.

Investment veteran Raimondi has founded and scaled up two RIA firms in recent years in a rapacious growth period for the sector: He launched Banyan Partners in 2006, making seven acquisitions in five years before selling to Boston Private in 2014 for a reported $60 million. Before that he started The Colony Group in Boston, which he grew to $1 billion in assets between 1986 and 2006. (This publication interviewed him last year.)

 “We are constantly looking for partners that align with our core principles and culture. I was deeply inspired by the passion and drive Gary and Katelyn exhibit when servicing their clients, together with the principles they have instilled within the GML Associates team as a whole. We welcome them and their unique skills to the Dakota Wealth Management family,” Raimondi said.

The firm, with offices in Palm Beach Gardens, Florida, and Boston, Massachusetts, manages over $700 million in client assets.