MAI Capital Management Acquires Storey & Associates
The acquisition expands MAI's presence within the Greater Cleveland region and adds to MAI's financial planning and asset management expertise
CLEVELAND – Oct. 4, 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 Storey & Associates (“S&A”). The acquisition expands MAI’s reach within the Greater Cleveland region to include North Canton, Ohio, and bolsters the firm’s financial planning and asset management offerings.
Founded in 1985 by Harlan Storey who was later joined by Kevin Krakora, S&A offers comprehensive financial planning services, as well as estate planning, retirement planning, debt management, tax planning and more. The firm also provides asset management services for high-net-worth individuals, families and business owners. Storey and Krakora will each assume the role of Senior Wealth Advisor and Managing Director at MAI. All other S&A employees will also join the MAI team.
“The Storey & Associates team is recognized for its dedication to improving the financial lives of its clients, which mirrors the client-first approach we have here at MAI,” said Rick Buoncore, Managing Partner at MAI. “Our team is committed to ensuring that we meet all clients’ financial planning needs while establishing relationships on a personal level. We are thrilled to bring Harlan, Kevin and their team on board and add to the talent at MAI.”
This is MAI’s 14th acquisition since taking a minority investment in July 2017 from Wealth Partners Capital Group (“WPCG”), a financial services holding company, and the first since Galway Insurance Holdings, a leading financial services distribution company, completed its acquisition of MAI in Sept. 2021. Both partnerships position MAI for ongoing and strategic growth via merger and acquisition 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 acquisitions of Naples, Florida-based MWM Investment Consulting and Baltimore-based Geier Asset Management.
“We are excited to align with a firm that is as committed as we are to improving our clients’ lives and their financial futures,” said Storey and Krakora. “As we envision our future with MAI, we can rest assured that the Storey & Associates culture will be preserved and enhanced by the additional resources to which we will have access.”
John Copeland, Managing Partner at WPCG, added: “MAI continues to showcase its commitment to growth by partnering with like-minded firms who share its client-centric approach to wealth management. Partnerships with firms like Storey & Associates propel MAI forward in this mission and add considerable talent to MAI’s growing team.”
The acquisition closed on Sept. 30, 2021, and will increase MAI’s assets under management by approximately $230 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, Deerfield, IL, Baltimore, MD, Little Rock, AR, Naples, FL, New York City and St. Louis. As of August 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.