Moneta, a registered investment advisory firm with $24 billion in assets under management, is continuing its reach into the Denver area by acquiring Dunston Financial Group, an independent RIA founded in 2015 with $80 million in managed assets.
The deal marks the first time an RIA has joined with Moneta, which was deemed one of the country’s Top 10 RIAs by WealthManagement.com in 2016. Moneta will continue to take root in the Denver area by hiring additional advisors and potentially acquiring additional firms. Moneta’s Managing Partner and Chairman of the Board Eric Kittner, lauded the deal, saying the cultural alignment between the two fee-only firms made the partnership possible.
“By partnering with Moneta, Dunston will access the resources and support they needed to continue offering exceptional service to their growing number of clients without giving up independence,” he said. “At Moneta, they’ll benefit from our scale and infrastructure while keeping autonomy within their team.”
In early September, Moneta opened a separate office in Denver, after 150 years of exclusively operating out of St. Louis. After the transition, the Dunston team will continue to work in their current office space, meaning there will be two Denver Moneta locations.
According to a Moneta spokesperson, Denver was chosen as a first step forward in expansion based on a significant number of Moneta clients located in the Denver area, with the area being a notable region for prosperity and growth. The spokesperson also cited that the two firms shared a Midwestern culture. In the years ahead, Moneta plans to expand into other cities, as well.
“We’re looking for other like-minded firms who share our value for providing independent, comprehensive, fee-only financial advice,” Kittner said. “Partnering with Moneta will allow them to meaningfully grow their business and serve their clients for generations to come.”
