The US has some of the highest wealth retention rates in the world.
That’s good news for those looking to manage their wealth.
But there’s another reason to look at the Dakots wealth management companies.
For one, it can be very expensive to manage.
“We’ve always been a high-cost economy, especially for the younger generation,” says Rob Hurdle, president and CEO of North Dakota Wealth Management.
“The cost of the capital to manage a portfolio is just outrageous.”
Hurdles own Fargo Wealth Management, and he’s also been working to increase its presence in the US.
For example, it was a major factor in the company’s decision to go public in 2017.
It’s now one of the largest private wealth management firms in the country, and it has a presence in all 50 states.
But Hurds biggest concern about his company’s future in the United States comes from what it calls “the Dakota Renaissance.”
That’s when he and his co-founders started looking at how they could move to other parts of the country.
“Our goal is to have a presence as far away from the Dakota as possible, so that our clients in New York can access our services and financial services, and in Texas, that we can provide financial services,” Hurdes says.
“That’s what we’ve always talked about, to try to bring our services to a level where people can access them and we can have a relationship with them, and that’s why we are here in the U.S. and that is the vision we are pursuing.”
Huttles goal is clear, but it doesn’t end there.
He also wants to grow Fargo Wealth’s footprint beyond the Dako.
“In order to grow the Dakos wealth management business and grow our assets and our client base, we need to look out for our environment,” Huttly says.
He says Fargo will be looking to expand to other regions in the Midwest, and to South America.
The Dakotan has the highest amount of money in the nation, and the US has the lowest.
Hurd is hopeful that his efforts in other regions will eventually pay off in the future.
“When we look at other regions of the world, we see a lot of different investment opportunities, and a lot more investment opportunities coming to North Dakota than any other place in the region,” Hautl said.
“And it’s exciting for me to see that North Dakota has the ability to be a leader in the global wealth management market.
I believe in that.”
With files from CBC News and the CBC News Service