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MAI Capital Management Partners with Smith Capital Management

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MAI Capital Management Announces Deal to add Smith Capital Management to Partnership

Expands its reach to Arkansas and adds deep wealth management capabilities with addition of $500M AUM team

 

CLEVELAND – Dec. 14, 2020 – MAI Capital Management, LLC (“MAI”), an independent registered investment adviser specializing in comprehensive investment and financial planning for high-net-worth individuals and families, announced its partnership with Smith Capital Management, Inc. (“SCM”). The partnership establishes MAI’s presence in Little Rock, Arkansas, and provides a foundation to facilitate future growth and expanded service across the Northwest region of the state.

SCM began offering robust wealth management services more than 35 years ago, helping its high-net-worth clients achieve their financial goals through customized solutions and personalized client service. The firm also offers financial counsel to foundations and oversees the management of corporate retirement plans. The senior partners of SCM, Stephen Chaffin and Jay White, will become Regional Managing Directors at MAI.

“Stephen and Jay are exceptional client advisors, and more importantly exceptional people,” said Rick Buoncore, Managing Partner at MAI. “The success they have achieved is directly attributable to their relationships with their clients and the trust they have earned in the process. Our partnership with SCM works due to our shared philosophy and culture, as well as our collective commitment to sustained and strategic growth.”

Chaffin stated: “MAI shares our client-first mentality and commitment to comprehensive financial planning and will allow us to grow our presence across Arkansas. Our partnership will expand the services we offer clients and enhance our technological capabilities, which is key in the current virtual environment.”

This is MAI’s third partnership of 2020 and ninth since taking a minority investment from Wealth Partners Capital Group (“WPCG”), a financial services holding company, in July 2017. The firm acquired Greenway Family Office, LLC last month, expanding its presence to St. Louis. Last year, MAI completed five transactions, including regional expansions to Reston, Virginia, Cincinnati and New York City.

“Even with all of the uncertainties this year, MAI continues to emerge as a leader in the RIA industry, forging strategic partnerships that drive growth and success for clients,” noted John Copeland, Managing Partner of WPCG.

The deal closed on December 11, 2020, and will increase MAI’s assets under management by over $500 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 and Columbus, OH, Ponte Vedra Beach, FL, Nashua, NH, Irvine, CA, Reston, VA, New York City, and St. Louis. As of November 30, 2020, MAI’s assets under management totaled more than $8.4 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.