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MAI Acquires Wealth Management Division of Calfee

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MAI Capital Management Acquires Wealth Management Division of Calfee Financial Advisors Inc.

Marks MAI's first acquisition of 2018 and expands its presence in Greater Cleveland

 

CLEVELAND – February 6, 2018 – MAI Capital Management, LLC (“MAI”), an independent registered investment advisor that specializes in comprehensive investment and financial planning for high net worth individuals and families, has acquired the wealth management business of Calfee Financial Advisors Inc.

Calfee Financial Advisors is based in Chagrin Falls, Ohio and provides financial planning services for high net worth business owners and families through its wealth management division. Founded in 1991 by Peter Calfee, CFP®, CPA, the firm has earned a reputation for helping clients integrate professional and personal financial strategies and goals. Prior to founding the firm, Calfee served as Vice President at Investment Advisors International, the financial planning arm of International Management Group, which later became MAI in 1997. Calfee has joined MAI as Managing Director effective February 1st. In addition, Doug Andrassy, CFP®, CMT®, has joined MAI as Director and Wealth Manager.   

“MAI is on a robust growth trajectory, and we continue to seek opportunities to expand our service offerings and geographic reach. We are thrilled to again partner with Peter, whom we know well. He has built a great business and shares our commitment to client service,” said Rick Buoncore, Managing Partner at MAI. “Peter and Doug have developed valued relationships with their clients. We’re excited to offer access to our advanced technology and in-house resources, which will enhance the client experience.”

Calfee said: “My early career began with the firm that is now MAI, and I couldn’t be happier to be joining a larger firm that shares my client-centric focus and philosophy of helping individuals and families successfully manage their wealth. MAI is a homecoming for me, and I’m especially excited to join an established firm with a like-minded culture, expanded offerings and a deep and experienced management team.”

This is MAI’s first acquisition since July 2017, when the firm announced a new strategy and accepted a minority investment from Wealth Partners Capital Group (“WPCG”), a financial services holding firm. WPCG Managing Partner John W. Copeland commented: “It’s exciting to support MAI’s success and the partnership they’ve built with Peter and Doug. MAI offers a special value proposition for advisors like Peter, who want to transition to the next phase of their career and ensure that clients, partners and employees have a great home.”

The acquisition closed on Jan. 31, 2018. Financial and legal terms of the deal were not disclosed.

 

About MAI Capital Management

MAI Capital Management (“MAI”) is a fee-based registered investment advisor 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 $4.8 billion in assets as of December 31, 2017, 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 invested in and partnered with three leading wealth management firms. Through its three partner firms, EP Wealth Advisors, MAI Capital Management and Forbes Family Trust, WPCG is focused on identifying and integrating like-minded registered investment advisors 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.