CLEVELAND--(BUSINESS WIRE)--MAI Capital Management, LLC (“MAI”), a registered investment adviser specializing in comprehensive investment and financial planning for high-net-worth individuals and families, announced today the acquisition of Traverso Chambers Private Wealth Management (“Traverso Chambers”). The transaction augments MAI’s presence in Northern California as part of an ongoing nationwide growth strategy. As part of MAI, its co-founders Marc Traverso and Tim Chambers will both assume the title of Regional President.
“Traverso Chambers is a household name in Sonoma County, and we look forward to integrating Tim, Marc, and their colleagues into our firm as we continue to execute on our 2024 growth strategy,” said Rick Buoncore, Managing Partner MAI. “With the addition of our centralized HR, operations and marketing resources, this renowned team will continue to deliver long-term dedicated service for their clients while also navigating the ever-changing financial services landscape.”
Founded in 2009, Traverso Chambers is a registered investment advisor based in Santa Rosa, California, that works with high-net-worth individuals, families, foundations, and business owners. With over $549 million of client assets under management, the firm offers solutions spanning investment management, insurance, retirement, financial planning, and business succession planning.
“Having carefully explored several growth avenues, we identified MAI as the right partner for Traverso Chambers at the right time,” said Traverso. “The organization shares our vision, values, and unwavering commitment to client loyalty.”
“By joining MAI, we are able to expand our capabilities into new and complementary areas, including alternative investments,” added Chambers. “This partnership also allows us to retain a degree of autonomy in terms of how we service clients and give back to our local community in and around Santa Rosa.”
Traverso Chambers Private Wealth Management joined MAI effective January 12, 2024 as MAI’s 34th acquisition since 2018. Year to date, MAI has announced three acquisitions including this one.
About MAI Capital Management
MAI is a registered investment adviser and wealth management firm built on the premise of innovative and personalized client care.
Founded over a handshake between Arnold Palmer and Mark McCormack in 1973, MAI has since evolved into an industry leader under the stewardship of Managing Partner Rick Buoncore. The firm is headquartered in Cleveland OH, with a team of more than 275 advisors and staff providing financial planning, investment management, tax and accounting services to clients supported by additional teams in operations, HR, and technology, fueled by one powerful purpose: to empower clients to simplify, protect, and grow the wealth they have worked so hard to build.
As of December 29, 2023, MAI has more than $18.8 billion in client assets under management. For more information, visit www.mai.capital or MAI’s company page on LinkedIn.
