MAI Capital Management to Acquire HW Financial Advisors
Partnership strengthens firm's Cleveland presence, adds experienced team of wealth managers
CLEVELAND – Jan. 26, 2021 – MAI Capital Management, LLC (“MAI”), a leading independent registered investment adviser that specializes in comprehensive investment and financial planning for high-net-worth individuals and families, has entered into an agreement to acquire HW Financial Advisors (“HWFA”). The partnership extends MAI’s presence in the Greater Cleveland area and will further enhance the firm’s depth of holistic wealth management capabilities.
HWFA, an affiliate of Beachwood, Ohio-based accounting firm HW&Co., was established more than 20 years ago with the mission of delivering comprehensive wealth management, goals-based planning and innovative investment solutions for its clients. HWFA’s president Stephen Rudolph, CPA, MBA, who was an MAI employee early in his career, will assume the role of Managing Director at MAI.
“Our growth trajectory has been anchored by a strategy of aligning with like-minded professionals, and Steve and his team embody this with their commitment to quality client services and comprehensive planning solutions,” said Rick Buoncore, Managing Partner at MAI. “We are excited to welcome him back to MAI and work together to enhance our presence within Cleveland and beyond.”
Throughout its history, HWFA maintained a partnership with Cleveland-based accounting firm HW&Co., which, under the leadership of its current president and CEO Brandon Miller, has supported its growth over the last two decades in their shared commitment to providing quality client services and comprehensive solutions. This relationship will continue under the MAI partnership.
“We have been fortunate to grow a strong team of professionals, united by a client-first service philosophy,” Rudolph commented. “We have grown considerably in recent years with the help of partners Stanley Majkrzak and Craig Petti and our entire team, as well as our partners at HW&Co. We are excited to continue this close working relationship and enhance the solutions and service we deliver to our clients with MAI.”
This is MAI’s 10th acquisition since taking a minority investment from Wealth Partners Capital Group (“WPCG”), a financial services holding company, in July 2017. Last year, MAI completed three strategic acquisitions that established the firm’s presence in new geographies, including its acquisition of Smith Capital Management in Little Rock, Arkansas, Greenway Family Office in St. Louis and Grisanti Capital Management in New York City.
“MAI continues to be both thoughtful and strategic in its growth, aligning with firms and advisors who share its client-first philosophy and approach,” noted John Copeland, Managing Partner at WPCG. “MAI’s partnership with HWFA is rooted in a long-standing professional relationship between the firms, and is an excellent example of MAI’s commitment to expanding its reach and capabilities.”
The deal with HWFA is subject to customary closing conditions and is anticipated to close by the end of the first quarter of 2021. HWFA’s assets under management totaled over $700 million as of Dec. 31, 2020. Financial and legal terms of the deal will not be 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, Little Rock, AR, New York City and St. Louis. As of December 31, 2020, MAI’s assets under management totaled $9.1 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.