CLEVELAND--(BUSINESS WIRE)--MAI Capital Management, LLC (“MAI”), a leading independent registered investment advisor, today announced that Wealth Partners Capital Group, LLC (“WPCG”) has made a minority, non-controlling equity investment in MAI, establishing a rare partnership in the wealth management industry. The investment will allow MAI to retain its client-first culture while expanding its ongoing investments in technology in order to deliver innovative advisory services to clients.
“MAI has been built around a culture of client service,” said Rick Buoncore, Managing Partner at MAI. “It is critical that as we grow, we retain our commitment to our clients, while we enhance our ability to serve them and expand within the industry. The considerable investments we have made over the years in technology, compliance, and operations - which we plan to increase as part of our new partnership - will allow us to partner with other like-minded advisors who need the infrastructure we have developed and yet wish to continue serving their clients with the level of attention and care they are accustomed to.”
MAI and the principals at WPCG have been in contact for years, but initiated talks about their partnership near the end of 2016. “MAI’s track record of growth and exceptional organizational strength make it an ideal fit for Wealth Partners Capital Group,” said John Copeland, Managing Partner of WPCG.
“What initially impressed us about MAI was the extent to which they constructed everything around true client service,” said Rich Gill, Senior Partner of WPCG. “Rick and his team built a firm that is designed to anticipate the needs of clients and their families. We believe what MAI has built can be a terrific solution for advisors around the industry.”
The partnership with WPCG is a continuation of MAI’s innovative history. MAI was established in 1973 on a handshake between Arnold Palmer and Mark McCormack. Buoncore took over the firm in 2007. Under his stewardship, the firm has seen rapid growth. MAI now manages more than $4 billion in assets and intends to draw on WPCG’s expertise and resources to acquire small and mid-size registered investment advisor (RIA) firms, particularly in the Eastern United States.
“Smaller, independent firms are increasingly challenged by regulatory and compliance costs, rapid changes in technology and security and limited succession planning,” Buoncore said. “We believe the partnership with WPCG creates a compelling opportunity for a firm of our size, scale, and caliber to support and partner with other quality advisors.”
About MAI Capital Management
Based in Cleveland, OH, with offices in Ponte Vedra Beach, FL; Nashua, NH; Columbus, OH, and Irvine, CA, MAI Capital Management manages over $4 billion in client assets. MAI provides comprehensive investment management and planning services to high net worth individuals, families and athletes and is led by Managing Partner Rick Buoncore, who oversees a team of more than 90. www.mai.capital
About Wealth Partners Capital Group
Wealth Partners Capital Group (“WPCG”) is a financial services holding company, which has partnered with three leading wealth management firms via minority equity investments. The WPCG management team is led by partners John W. Copeland, Rich Gill and Sean Bresnan. www.wealthpcg.com