MAI Capital Management, LLC, a leading independent registered investment adviser that specializes in comprehensive investment and financial planning for high-net-worth individuals and families, has entered into an agreement to acquire HW Financial Advisors. The partnership extends MAI’s presence in the Greater Cleveland area and will further enhance the firm’s depth of holistic wealth management capabilities.
HWFA, an affiliate of Beachwood, Ohio-based accounting firm HW&Co., was established more than 20 years ago with the mission of delivering comprehensive wealth management, goals-based planning and innovative investment solutions for its clients. HWFA’s president Stephen Rudolph, CPA, MBA, who was an MAI employee early in his career, will assume the role of Managing Director at MAI.
This is MAI’s 10th acquisition since taking a minority investment from Wealth Partners Capital Group (“WPCG”), a financial services holding company, in July 2017. Last year, MAI completed three strategic acquisitions that established the firm’s presence in new geographies, including its acquisition of Smith Capital Management in Little Rock, Arkansas, Greenway Family Office in St. Louis and Grisanti Capital Management in New York City.
The deal with HWFA is subject to customary closing conditions and is anticipated to close by the end of the first quarter of 2021. HWFA’s assets under management totaled over $700 million as of Dec. 31, 2020. Financial and legal terms of the deal will not be disclosed.