MAI Capital Management is acquiring Halpern Financial, a $1.2 billion fee-only RIA with offices in Virginia and Maryland, while also operating in Naples, Fla. It is the firm's eighth acquisition this year.
As part of the deal, founder Tim Halpern will assume the title of regional president at MAI. As a result of the acquisition, Halpern Financial will adopt MAI's brand identity and benefit from its internal infrastructure, which includes human resources, operations and marketing.
“When we made this decision, we were looking for a like-minded partner to help bring our business into its next phase of growth,” said Halpern. “MAI is a perfect match for our culture and customer-first mentality.”
MAI Executive Chairman Rick Buoncore said the firm was drawn to the Halpern team because of their passion for managing their clients' money and “also providing them with the financial education they need to thrive for the long term.” .”
Cleveland-based MAI was founded in 1973 as Investment Advisors International. It was originally created to provide specialized services to professional golfer Arnold Palmer, but the firm eventually expanded to include other athletes.
In 2007, Buoncore acquired and renamed the firm MAI Capital Management. It is now based in 16 states, has more than 450 employees and manages approximately $24 billion in client assets.
In 2021, Galway Holdings announced would take a majority stake in the firm, while Wealth Partners Capital Group retained a minority interest and remained part of MAI's mergers and acquisitions team.
Galway's capital meant MAI could accelerate its acquisition strategy, which began in 2019 with five acquisitions. The Halpern deal is MAI's eighth in 2024 and 40th since 2018, according to the firm.
In January, MAI acquired Madison Wealth Managementa $1.4 billion firm and one of Cincinnati's largest RIAs. Madison was founded in 2000 and included 32 employees (with 12 advisors), offering personalized planning and portfolio management. Founder and President Jim McDermott and Chief Investment Officer Ed Kuresman joined MAI as regional presidents. Only in January the firm gained more assets than the whole year 2023.
May won LWS Wealth Advisorsa four-person team in Basking Ridge, NJ, with approximately $562 million in AUM as of March, making it the first MAI brand location in the Garden State.