MAI Capital Management, LLC, a registered investment adviser specializing in comprehensive investment and financial planning for high-net-worth individuals and families, has acquired Storey & Associates. The acquisition expands MAI’s reach within the Greater Cleveland region to include North Canton, Ohio, and bolsters the firm’s financial planning and asset management offerings.
Founded in 1985 by Harlan Storey who was later joined by Kevin Krakora, S&A offers comprehensive financial planning services, as well as estate planning, retirement planning, debt management, tax planning and more. The firm also provides asset management services for high-net-worth individuals, families and business owners. Storey and Krakora will each assume the role of Senior Wealth Advisor and Managing Director at MAI. All other S&A employees will also join the MAI team.
This is MAI’s 14th acquisition since taking a minority investment in July 2017 from Wealth Partners Capital Group, a financial services holding company, and the first since Galway Insurance Holdings, a leading financial services distribution company, completed its acquisition of MAI in Sept. 2021. Both partnerships position MAI for ongoing and strategic growth via merger and acquisition activity. Earlier this year, MAI announced its acquisitions of HW Financial Advisors and the wealth management division of Ownership Advisors, both based in the Greater Cleveland area, as well as the acquisitions of Naples, Florida-based MWM Investment Consulting and Baltimore-based Geier Asset Management.
The acquisition closed on Sept. 30, 2021, and will increase MAI’s assets under management by approximately $230 million. Financial and legal terms of the deal were not disclosed.