MAI Capital Management Completes Acquisition of HW Financial Advisors
The partnership adds financial planning expertise in greater Cleveland region and over $725 million to MAI's AUM
CLEVELAND – Mar. 1, 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 completed its acquisition of HW Financial Advisors (“HWFA”) following customary closing conditions. The partnership enhances MAI’s presence and adds extensive wealth management capabilities in the greater Cleveland area. The transaction was first announced on Jan. 26, 2021.
“Over the last two decades, the HWFA team built a successful business and a strong reputation of quality service among its clients,” said Rick Buoncore, Managing Partner at MAI. “We prioritize partnering with firms who share our commitment to offering superior client service and delivering comprehensive financial planning solutions, and this is central to our mutual success. We are excited for our future together.”
This is MAI’s tenth acquisition since 2017 when it took a minority investment from Wealth Partners Capital Group (“WPCG”), a financial services holding company. 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.
The HWFA team will remain in place under MAI, and HWFA’s President Stephen Rudolph, CPA, MBA, will assume the role of Managing Director at MAI. Throughout its history, HWFA has fostered a strong partnership with Cleveland-based accounting firm HW&Co, which will continue under the MAI partnership.
The transaction closed on Feb. 26, 2021. 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 January 31, 2021, MAI’s assets under management totaled $9.3 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.