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MAI Acquires CCI Financial Group, Inc.

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MAI Capital Management Acquires Wealth Management Division of CCI Financial Group Inc.

Greater Cleveland-area acquisition supports MAI's growth initiative

 

CLEVELAND – April 17, 2019 – MAI Capital Management, LLC (“MAI”), an independent registered investment adviser that specializes in comprehensive investment and financial planning for high net worth and ultra-high net worth individuals and families, has acquired the wealth management business of CCI Financial Group Inc. (“CCI”).

Located in Akron, Ohio, CCI offers financial planning, investment advisory, tax, accounting and family business consulting services. Under the leadership of Jeffrey “Jeff” Reitzes, CCI has championed a fiduciary approach to financial planning and investment management since 1981. Reitzes will assume the role of Managing Director at MAI.

“Both MAI and CCI have a long history of client service,” said Rick Buoncore, Managing Partner at MAI. “Jeff built a business on a strong foundation of trust and a dedication to providing specialized services and solutions, which are core MAI values. We look forward to honoring this trust, while offering CCI clients access to new capabilities in investment management and retirement, estate and legacy planning, as well as family office services.”

“MAI shares our philosophy of putting clients first and providing comprehensive financial planning and investment management solutions that meet our clients’ objectives,” said Reitzes. “As we looked to the next phase of our business, we proactively sought a partner who mirrored our firm’s culture, and we saw great value in MAI’s commitment to providing enhanced resources, tools and solutions for our clients.”

This is MAI’s second acquisition since taking a minority investment from Wealth Partners Capital Group (“WPCG”), a financial services holding company, in July 2017. MAI acquired the wealth management division of Calfee Financial Advisors last year.

The acquisition closed on April 15, 2019 and will increase MAI’s assets under management by over $100 million. Financial and legal terms of the deal were not disclosed.

 

About MAI Capital Management

MAI Capital Management (“MAI”) is a fee-based registered investment adviser and wealth management firm based in Cleveland, Ohio, with additional offices in Columbus, Ponte Vedra Beach, FL, Nashua, NH and Irvine, CA. The firm manages and advises approximately $5.4 billion in assets as of March 31, 2019, and provides comprehensive investment management and planning services to high-net worth individuals, families and athletes. MAI is led by Managing Partner Rick Buoncore.

 

About Wealth Partners Capital Group

Wealth Partners Capital Group (“WPCG”) is a financial services holding company, which has partnered with MAI Capital Management (“MAI”). WPCG assists MAI by identifying and integrating like-minded registered investment advisers who are seeking access to expanded business capabilities, strategic growth and customized transition solutions. The WPCG management team is led by partners John W. Copeland, Rich Gill and Sean Bresnan. For more information, please visit www.wealthpcg.com.