Building an Employee-Owned Wealth Management Firm with Peter Raimondi

Episode 030: In this episode of The Connected Advisor, Kyle is joined by Peter Raimondi, Founder & CEO at Dakota Wealth Management. With more than 40 years of experience in the industry, Peter has built multiple successful companies, including Banyan Partners and The Colony Group. He is known for his expertise in options trading and has written a thesis on insider trading in the options market. Peter is passionate about creating an employee-owned company and prioritizes caring for his team and clients.

Peter joins Kyle to share his journey into the wealth management industry, starting with his fascination with options trading during law school. He discusses his approach to building Dakota Wealth as an employee-owned company and the benefits of this model. Peter also highlights the role of technology in wealth management, particularly cybersecurity, and the need for firms to stay updated with modern technology.

Join us as we discuss:

• [01:34] - Money moment that led Peter to the wealth management industry.
• [04:36] - The journey from law school to wealth management.
• [06:01] - The role options trading played in Peter's career.
• [09:09] - Why don’t all firms offer options trading?
• [11:36] - Peter's motivation for creating Dakota Wealth Management.
• [15:23] - Peter's advice for managing firms enjoyably.
• [17:27] - Putting employees first to benefit clients.
• [22:00] - Factors that make Dakota stand out in the market.
• [25:40] - Dakota Wealth Management's tech strategy.
• [29:37] - Peter's choice of business outside of wealth management.
• [30:22] - Peter's interests outside of work.
• [31:58] - Why Peter loves muscle cars.

Key Takeaways

• Options trading can be a valuable strategy for wealth management. However, its time-sensitive nature requires a unique skill set and constant attention.
• Acquiring firms with an entrepreneurial spirit and a willingness to grow can catalyze success. 
• Dakota Wealth stands out by offering a sustainable equity partnership and involving the founders in shaping the company's future.
• Employee ownership is a key driver of wealth management firms' success. Prioritizing employees' well-being and ownership can create a sense of unity and purpose that translates into exceptional client service.
• Investing in technology, particularly cybersecurity, is crucial in today's digital landscape.

Quotes

"It's my job and my obligation to do whatever it takes to make sure I'm taking care of the company, the people, the shareholders, and the clients." ~ Peter Raimondi 

"We don't put our clients first. We put our employees first. If I put my employees first and take care of them first and foremost, they will be the best they can be for my clients. And therefore, my clients will get the best from them." ~ Peter Raimondi

"Cybersecurity is probably the biggest threat we have in our industry. So, look at your tech stack as the weapons that you're fighting a battle with. You can't possibly use old weaponry from two wars ago and expect to beat the enemy." ~ Peter Raimondi

Links 

• Peter Raimondi on LinkedIn
• Dakota Wealth Management
• Boston University School of Law
• Merrill Lynch
• The Colony Group
• Goldman Sachs Ayco

Connect with our hosts

• Milemarker.co
• Kyle on LinkedIn
• Jud on LinkedIn

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