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MAI Capital Management Acquires Geier Asset Management

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MAI Capital Management Acquires Geier Asset Management

This acquisition, which includes Geier's Winpoint Financial arm, strengthens MAI's mid-Atlantic footprint while enhancing its delivery of comprehensive financial planning and wealth management services

 

CLEVELAND – Sept. 20, 2021 – MAI Capital Management, LLC (“MAI”), a registered investment adviser specializing in comprehensive investment and financial planning for high-net-worth individuals and families, has acquired Geier Asset Management, Inc. and Geier Financial Management, Inc., doing business as Winpoint Financial (collectively “GAM”). The acquisition extends MAI’s footprint to the Greater Baltimore region and strengthens MAI’s presence in the mid-Atlantic region.

Based in Marriottsville, Maryland, GAM provides holistic financial planning and wealth management services to wealthy individuals and families, including those in their working years and through retirement. GAM was founded in 1999 by Joseph “Joe” Geier, who continues to lead the firm along with Vice President Brian Woods. GAM’s Winpoint Financial arm is dedicated to serving the financial planning needs of Major League Baseball athletes. The professional athlete focus complements MAI’s Sports + Entertainment vertical, and the team will work closely with Steve Trax, MAI’s Regional President and Head of MAI Sports + Entertainment in Reston, Virginia. The entire GAM team will become employees of MAI. Geier will assume the role of Senior Managing Director and Regional President, while Woods will serve as Managing Director and Senior Wealth Advisor.

“We are excited to partner with Joe Geier and his team to further strengthen our robust financial services platform meeting the unique needs of our athlete, entertainer and high-net-worth clients,” said Trax. “This addition validates our commitment to the mid-Atlantic market and the goal of becoming the preeminent advisory firm for athletes and entertainers. On a personal and professional level, I feel privileged to be working alongside Joe, as I believe he is one of the best in the athlete advisory business.”

Geier added, “Our focus at GAM and Winpoint has always been to deliver ‘best-in-class’ comprehensive services to our clients. After meeting with Steve Trax and Rick Buoncore, I immediately knew that with the expansive range of services and in-house professional expertise that MAI brings to the table, our client experience will be enhanced. We are very excited that this merger will position us to continue to serve our clients’ evolving needs and set the stage for continued growth.”

This is MAI’s 13th acquisition since taking a minority investment from Wealth Partners Capital Group (“WPCG”), a financial services holding company, in July 2017 and the first since announcing it will be selling a majority stake to Galway Holdings (“Galway”), a financial services distribution company, which is expected to close at the end of the month. Both partnerships position MAI for ongoing and strategic growth via mergers and acquisitions activity. Earlier this year, MAI announced its acquisitions of HW Financial Advisors and the wealth management division of Ownership Advisors, both based in the Greater Cleveland area, as well as the acquisition of Naples, Florida-based MWM Investment Consulting. The acquisition of GAM expands MAI’s current presence in Reston, Virginia, creating a broader mid-Atlantic footprint for the firm.

“Aligning with like-minded firms like GAM is essential as MAI strategically expands our national presence,” said Rick Buoncore, Managing Partner at MAI. “Establishing this partnership further strengthens our goal to deliver a superior client experience.”

The acquisition closed on Sept. 17, 2021, and will increase MAI’s assets under management by approximately $390 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, with additional offices in Cincinnati, OH, Ponte Vedra Beach, FL, Nashua, NH, Irvine, CA, Reston, VA, Little Rock, AR, Naples, FL, New York City and St. Louis and a presence in Columbus, OH and Miami. As of Aug. 31, 2021, MAI’s assets under management totaled $11.8 billion. The firm also 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.

 

About Galway Insurance Holdings

Galway Insurance Holdings, LP (“Galway Holdings”), is a financial services distribution company. It includes EPIC Insurance Brokers & Consultants and a diversified brokerage distribution and underwriting platform, with a focus towards data analytics, technology transformation, and innovative risk sharing solutions.