MAI Capital Management, LLC, a registered investment adviser specializing in comprehensive investment and financial planning for high-net-worth individuals and families, has acquired Prime Investment Advisors. The addition of Prime will expand MAI’s presence in Maryland and widen its Mid-Atlantic footprint, while adding significant talent and industry experience to its lineup.
Founded in 1991, Prime has built a multitude of client relationships and established a prominent reputation in the Bethesda, Maryland area. Stephen Polan, founder of Prime, holds a Masters degree in Taxation and is a licensed CPA. Prior to Prime, Polan worked at Ernst & Young and MCI Communications advising on executive compensation, stock incentive plans and tax strategies. Now at MAI, Polan will assume the role of Senior Wealth Advisor and Managing Director.
“The continued growth of MAI’s Mid-Atlantic region is a testament to the diligent work of the MAI teams throughout our various locations. The addition of the Prime team will expand MAI’s vast industry knowledge, benefitting both existing and future clients,” said Rick Buoncore, Managing Partner at MAI. “Stephen Polan brings over 30 years of industry knowledge and experience that will be a great asset to MAI. Additionally, his extensive knowledge in tax-planning will strengthen our tax practice.”
Polan added: “MAI is the perfect firm for us to partner with. MAI’s forward-looking vision and dedication to providing their clients with leading investment advice and the best resources possible, aligns with our overall approach here at Prime. We are so excited to partner with MAI and be able to offer our clients a broad range of tools, helping to advance their futures and reach their goals.”
MAI’s acquisition of Prime Investment Advisors is the firm’s ninth deal since Galway Holdings (“Galway”), a leading financial services distribution company, completed its acquisition of MAI in September 2021. The firm has shown significant success since this partnership and is focused on continued growth throughout the remainder of 2022 and into 2023.
Earlier this year, MAI announced its partnership with Pareto Wealth Management in Northeast Ohio; Intersect Capital in San Ramon, California; Winfield Associates in Cleveland, Ohio; and Monarch Business & Wealth Management in New York City. Prior to that, MAI acquired Investment Planning Associates located in Rockville, Maryland; Queens Oak Advisors in Charlotte, North Carolina; Hochman Cole Investment Advisors, based in the Chicagoland area; Storey & Associates, located in North Canton, Ohio; HW Financial Advisors in Cleveland, Ohio; the wealth management division of Ownership Advisors in Cleveland, Ohio; MWM Investment Consulting located in Naples, Florida; and Geier Asset Management in Baltimore, Maryland.
Prime joined MAI effective September 23, 2022 and adds approximately $140 million in assets under management.