Ohio-based RIA MAI Capital Management has agreed to snap up HW Financial Advisors (HWFA) for an unknown sum.
HWFA is an affiliate of Beachwood with over 20 years of expertise in the wealth management segment. The firm provides goals-based financial planning and innovative investment solutions for its clients.
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The acquisition of the firm will add over $700m in assets to MAI’s books.
The takeover will enable MAI to bolster its holistic wealth management capabilities as well as expand its presence in the Greater Cleveland area.
As part of the deal, HWFA president Stephen Rudolph, who was formerly a MAI employee, will become a managing director at MAI.
Additionally, HWFA will maintain its long-term association with Cleveland-based accounting firm HW&Co under the MAI partnership.
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By GlobalDataRudolph said: “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.”
The transaction is expected to complete by the end of the first quarter of this year.
MAI’s burgeoning growth trajectory
The latest deal marks MAI’s tenth acquisition since taking a minority investment from financial services holding company Wealth Partners Capital Group (WPCG) in July 2017.
MAI managing partner Rick Buoncore said: “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.
“We are excited to welcome him back to MAI and work together to enhance our presence within Cleveland and beyond.”
Last year, MAI concluded three strategic acquisitions, expanding its footprint to new geographies.
This includes the purchase of Smith Capital Management in Little Rock, Arkansas, Greenway Family Office in St. Louis and Grisanti Capital Management in New York City.
In 2019, the company carried out a number of M&A activities including the acquisition of the wealth management arm of local peer CCI Financial Group and Ohio-based financial planner Rodman Capital Management (RCM).
