MAI Capital Management Acquires Pareto Wealth Management

·3 min read

The Cleveland-based acquisition continues to strengthen MAI’s foothold in Northeast Ohio

INDEPENDENCE, Ohio, August 10, 2022--(BUSINESS WIRE)--MAI Capital Management, LLC ("MAI"), a registered investment adviser specializing in comprehensive investment and financial planning for high-net-worth individuals, families, professional athletes and entertainers, has acquired Pareto Wealth Management ("Pareto"). The acquisition adds talent to MAI’s financial planning and wealth teams at its headquarters in Independence, Ohio.

Based in Cleveland, Pareto provides financial planning and wealth management services for its high-net-worth clients. The firm’s leaders Sean Kriak and Joe Palko work with clients to design comprehensive financial and retirement plans aligned with goals-based investment management and strategy. Pareto was previously a division of McDonald Partners Wealth Advisory Group in Cleveland. The entire Pareto team will join MAI, with Kriak and Palko each assuming the role of Managing Director at MAI.

"Partnering with professionals who share our client-first philosophy remains a priority for us as we grow," said Rick Buoncore, Managing Partner at MAI. "Sean and Joe exemplify this commitment and will be additive to MAI’s larger financial planning and wealth management offerings. We’re excited to welcome them aboard."

This is MAI’s eighth acquisition since Galway Holdings ("Galway"), a leading financial services distribution company, completed its acquisition of MAI in September 2021. The partnership with Galway positions MAI for ongoing and strategic growth through M&A and organic activity and broadens its client service offerings.

Most recently, MAI announced its partnership with Intersect, a San Ramon, Calif.-based wealth management firm with a significant focus on advising professional athletes. Earlier this year, MAI announced its acquisition of Winfield Associates in Cleveland and Monarch Business & Wealth Management in New York City. Prior to that, MAI acquired Investment Planning Associates located in Rockville, Maryland; Queens Oak Advisors in Charlotte, North Carolina; Hochman Cole Investment Advisors, based in the Chicagoland area; Storey & Associates, located in North Canton, Ohio; HW Financial Advisors in Cleveland; the wealth management division of Ownership Advisors in Cleveland; MWM Investment Consulting located in Naples, Florida; and Geier Asset Management in Baltimore.

"Our team’s top focus is on delivering a superior client experience," said Kriak. "Partnering with MAI will allow us to amplify these efforts, bringing expanded tools and resources for our clients, while affording us more time to focus on meeting our clients’ goals and needs."

John Hahn, Executive Chairman at Galway added: "MAI’s growth objectives are rooted in its mission to best serve its clients and fortify its team of quality and forward-thinking professionals. The addition of Sean, Joe and the Pareto team bolsters MAI’s offerings within its Northeast Ohio headquarters and beyond."

The acquisition closed on Aug. 9, 2022, and financial and legal terms of the deal were not disclosed.

About MAI Capital Management

MAI is a fee-based registered investment adviser and wealth management firm based in Cleveland with 17 additional offices nationwide. As of June 30, 2022, MAI’s assets under management totaled $13.4B. The firm also provides comprehensive investment management and planning services to high-net-worth individuals, families, and athletes. MAI is led by Managing Partner Rick Buoncore. For more information, please visit www.mai.capital.

About Galway Holdings

Galway Holdings, LP ("Galway") is a diversified financial services distribution platform focused on product distribution and differentiated client service leveraging technology, data analytics, and innovative risk-sharing solutions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220810005542/en/

Contacts

Media Contact
Marissa Comerford
Gregory FCA for MAI Capital
MAI@GregoryFCA.com
610-228-2104