MAI Capital Management Expands Its Reach
MAI Capital Management, LLC, known for its comprehensive investment and financial planning services for high-net-worth clients, has announced a significant business development with the acquisition of Concentric Wealth Management, LLC. This strategic move signifies MAI's commitment to delivering exceptional service while expanding its footprint in the financial advisory market.
Concentric Wealth Management: A Brief Overview
Founded in 2008 by Eric Flett and Stewart McGuire, Concentric Wealth Management has built a solid reputation over the years. Based in Lafayette, California, the firm has grown to include a dedicated team of six professionals and manages approximately $662 million in assets. With a focus on creating diversified, tax-efficient portfolios, they offer a suite of services ranging from family wealth transfer to estate planning, risk management, and executive benefits coordination.
Shared Values and Client Focus
Rick Buoncore, the Executive Chairman of MAI, expressed enthusiasm about the acquisition, highlighting the shared core values between both firms. He noted, "As we continue to grow our presence on the West Coast, we are excited to bring on a talented team from Concentric that shares our core values of serving our clients, our communities, and each other." This partnership aims not only to enhance financial services but also to build a stronger community through education and philanthropic efforts.
Integrating Operations and Resources
Upon joining MAI, Concentric will transition to MAI's brand identity, benefiting from its robust internal infrastructure, which includes human resources, operations, and marketing strategies. Both Eric Flett and Stewart McGuire will assume the roles of Regional Presidents, further integrating their insights and expertise into MAI's operational framework.
Enhancing Client Services
McGuire remarked, "Since our founding, we have worked hard to grow one client at a time and place our clients’ interest at the center of everything we do." The merger is anticipated to provide Concentric's clients with access to advanced resources and services, reinforcing MAI's philosophy of client-centered management.
Future Growth Prospects
This acquisition marks a vital step in MAI's expansion strategy, particularly on the West Coast. Following the acquisition of Traverso Chambers Private Wealth Management earlier in the year, MAI is demonstrating a strong commitment to growing its influence and capabilities in the wealth management sector.
About MAI Capital Management
Founded in 1973, MAI Capital Management operates as a registered investment adviser with a mission that centers on empowering clients to simplify, protect, and grow their wealth. With over 475 professionals and offices spanning 16 states, MAI caters to the unique needs of its clientele through tailored advice and highly personalized service. As of the latest reports, the firm manages a staggering $30.3 billion in total assets, including $3.1 billion under advisement.
Frequently Asked Questions
What is the significance of MAI acquiring Concentric?
This acquisition enhances MAI's service capabilities and expands their operational reach, particularly in high-net-worth financial planning.
Who are the founders of Concentric Wealth Management?
Concentric Wealth Management was founded by Eric Flett and Stewart McGuire in 2008.
What services does Concentric provide?
Concentric specializes in tax-efficient portfolio management, wealth transfer, estate planning, and risk management, among other services.
When did Concentric join MAI Capital Management?
Concentric officially became part of MAI Capital Management as of the end of December 2024.
What are the future plans for MAI after this acquisition?
MAI intends to leverage this acquisition to enhance client service offerings and continue its expansion strategy on the West Coast.
