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’s 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 HR, operations and marketing resources.
“When making this decision, we were looking for a like-minded partner to help bring our business into its next phase of growth,” Halpern said. “MAI is a perfect match for our client-first culture and mindset.”
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.”
The Cleveland-based MAI was founded in 1973 under the name Investment Advisors International. It was initially formed to provide specialized services for pro golfer Arnold Palmer, but the firm eventually expanded to other athletes.
In 2007, Buoncore bought and rebranded the firm to MAI Capital Management. It’s now based in 16 states, has more than 450 employees and manages about $24 billion in client assets.
In 2021, Galway Holdings announced it 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. According to the firm, the Halpern deal is MAI’s eighth in 2024 and its 40th since 2018.
In January, MAI acquired Madison Wealth Management, a $1.4 billion firm and one of Cincinatti’s largest RIAs. Madison was founded in 2000 and included 32 employees (with 12 advisors), offering customized planning and portfolio management. Founder and President Jim McDermott and Chief Investment Officer Ed Kuresman joined MAI as regional presidents. In January alone, the firm acquired more assets than all of 2023.
MAI acquired LWS Wealth Advisors, a four-person team in Basking Ridge, N.J., with about $562 million of AUM in March, making it the first MAI-branded location in the Garden State.
