MAI Capital Management Acquires MTX Wealth Management
D.C.-area acquisition strengthens MAI’s athlete client offering, broadens geographic reach
CLEVELAND – June 17, 2019 – MAI Capital Management, LLC (“MAI”), an independent registered investment adviser specializing in comprehensive investment and financial planning for high-net-worth individuals and families, announces the acquisition of MTX Wealth Management, LLC (“MTX”). The addition of MTX expands MAI’s footprint to the greater Washington, D.C. market, serving high-net-worth entrepreneurs and families, while also bolstering its growing specialty practice supporting athletes, coaches and professionals in the sports industry.
Located in Reston, Virginia, MTX is a full-service financial and investment advisor to high-net-worth individuals including professional athletes and entertainers. Under the leadership of Founder and President Steve Trax, CPA, CFP®, MTX has focused on providing exceptional service and support to its clientele. Trax will continue to oversee the office as MAI Regional Director.
“MTX is founded on building deep and lasting relationships with clients, helping them reach their financial goals and ensuring they have a partner by their side. This is especially important in helping professional athletes navigate the distinct issues they encounter,” says Rick Buoncore, Managing Partner at MAI. “Our firm shares this philosophy and is excited to partner with MTX.”
Concurrent with the acquisition, MTX will consolidate the advisors who assist professional athletes and coaches into a dedicated service group within MAI, branded MAI Sports. MAI has its roots in serving sports-industry clients, as the firm was founded over 45 years ago on a “handshake deal” with legendary golfer Arnold Palmer. In the intervening years, MAI has grown to assisting over 1,200 clients, and has earned a reputation for helping athletes meet their financial goals. Trax will assume the role of Managing Director at MAI Sports, working alongside MAI’s John Palguta, CPA, CFP®, Managing Director, to lead the firm’s expanded sports-focused business unit.
“Our client relationships are predicated on recognizing the passion and drive it takes our clients to achieve their career goals, and then matching that with our own dedication and understanding of how best to be stewards of their wealth,” says Trax. “MAI shares this approach in all areas of its business, but what truly sets the firm apart is its four-decade track record of earning the trust of athletes and delivering comprehensive financial planning services tailored to their needs.”
“This partnership underscores MAI’s commitment to professionalizing the wealth management offering to the sports industry,” says Sean Bresnan, Partner at Wealth Partners Capital Group (“WPCG”). “We are excited to expand MAI’s presence into the D.C. market under the leadership of Steve and his team.”
This is MAI’s third acquisition since taking a minority investment from WPCG, a financial services holding company, in July 2017. MAI acquired the wealth management division of Calfee Financial Advisors last year and the wealth management division of CCI Financial Group Inc. in April.
The acquisition closed on June 14, 2019 and will increase MAI’s assets under management by over $400 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, OH, with additional offices in Columbus, OH, 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.