MAI Capital Management, LLC, a registered investment adviser specializing in comprehensive investment and financial planning for high-net-worth individuals, families, professional athletes and entertainers, has acquired Pareto Wealth Management. The acquisition adds talent to MAI’s financial planning and wealth teams at its headquarters in Independence, Ohio.
Based in Cleveland, Pareto provides financial planning and wealth management services for its high-net-worth clients. The firm’s leaders Sean Kriak and Joe Palko work with clients to design comprehensive financial and retirement plans aligned with goals-based investment management and strategy. Pareto was previously a division of McDonald Partners Wealth Advisory Group in Cleveland. The entire Pareto team will join MAI, with Kriak and Palko each assuming the role of Managing Director at MAI.
“Partnering with professionals who share our client-first philosophy remains a priority for us as we grow,” said Rick Buoncore, Managing Partner at MAI. “Sean and Joe exemplify this commitment and will be additive to MAI’s larger financial planning and wealth management offerings. We’re excited to welcome them aboard.”
This is MAI’s eighth acquisition since Galway Holdings (“Galway”), a leading financial services distribution company, completed its acquisition of MAI in September 2021. The partnership with Galway positions MAI for ongoing and strategic growth through M&A and organic activity and broadens its client service offerings.
The acquisition closed on Aug. 9, 2022, and financial and legal terms of the deal were not disclosed.