MAI Capital Management acquires Geier Asset Management
CLEVELAND – (COMMERCIAL THREAD) – MAI Capital Management, LLC (“MAI”), a licensed investment advisor specializing in comprehensive investments and financial planning for high net worth individuals and families, acquired Geier Asset Management, Inc. and Geier Financial Management, Inc ., doing business as Winpoint Financial (collectively “GAM”). The acquisition expands MAI’s footprint to the Greater Baltimore region and strengthens MAI’s presence in the Mid Atlantic region.
Based in Marriottsville, Maryland, GAM provides holistic financial planning and wealth management services to high net worth individuals and families, including those of working age and through retirement. GAM was founded in 1999 by Joseph “Joe” Geier, who continues to lead the company with Vice President Brian Woods. The Winpoint Financial arm of GAM is dedicated to meeting the financial planning needs of Major League Baseball athletes. The focus on professional athletes complements MAI’s Sports + Entertainment vertical, and the team will work closely with Steve Trax, MAI Regional President and Head of MAI Sports + Entertainment in Reston, Va. The entire GAM team will become employees of MAI. Geier will assume the role of Senior Managing Director and Regional President, while Woods will assume the role of Managing Director and Senior Heritage Advisor.
âWe are delighted to partner with Joe Geier and his team to further strengthen our strong financial services platform serving the unique needs of our athlete, artist and high net worth clients,â said Trax. âThis addition validates our commitment to the Mid-Atlantic market and the goal of becoming the premier consulting firm for athletes and artists. Personally and professionally, I feel privileged to work alongside Joe as I believe he is one of the best in athlete counseling. ”
Geier added, âOur goal at GAM and Winpoint has always been to provide comprehensive ‘best in class’ services to our customers. After meeting Steve Trax and Rick Buoncore, I immediately knew that with the wide range of services and in-house professional expertise that MAI brings, our customer experience will be enhanced. We are very excited that this merger will position us to continue to meet the changing needs of our customers and set the stage for continued growth.
This is MAI’s 13th acquisition since the acquisition of a minority stake from Wealth Partners Capital Group (âWPCGâ), a financial services holding company, in July 2017 and the first since the announcement of the sale of a controlling stake in Galway Holdings (“Galway”), a financial services distribution company, which is expected to close at the end of the month. The two partnerships position MAI for continued and strategic growth through mergers and acquisitions activities. Earlier this year, MAI announced its acquisitions of HW Financial Advisors and the wealth management division of Ownership Advisors, both based in the Greater Cleveland area, as well as the acquisition of Naples-based MWM Investment Consulting, in Florida. The GAM acquisition expands MAI’s current presence in Reston, Virginia, creating a larger mid-Atlantic footprint for the company.
âAligning with like-minded companies like GAM is critical as MAI is strategically expanding our national presence,â said Rick Buoncore, Managing Partner of MAI. âThe establishment of this partnership further strengthens our goal of delivering a superior customer experience. ”
The acquisition closed on September 17, 2021 and will increase MAI’s assets under management by approximately $ 390 million. Financial and legal terms of the deal were not disclosed.
About MAI Capital Management
MAI Capital Management (“MAI”) is a Cleveland-based, fee-based registered investment advisory and wealth management firm, with additional offices in Cincinnati, OH, Ponte Vedra Beach, FL, Nashua, NH, Irvine, CA, Reston , VA, Little Rock, AR, Naples, FL, New York City and St. Louis and a presence in Columbus, OH and Miami. As of August 31, 2021, MAI’s assets under management were $ 11.8 billion. The company also provides comprehensive investment planning and management 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 Wealth Partners Capital Group
Wealth Partners Capital Group (âWPCGâ) is a financial services holding company, which has partnered with MAI Capital Management (âMAIâ). WPCG assists MAI by identifying and onboarding like-minded, registered investment advisers seeking access to expanded business capabilities, strategic growth, and tailored transition solutions. The WPCG management team is led by Partners John W. Copeland, Rich Gill and Sean Bresnan. For more information, please visit www.wealthpcg.com.
About Galway Insurance Holdings
Galway Insurance Holdings, LP (âGalway Holdingsâ) is a financial services distribution company. It includes EPIC Insurance Brokers & Consultants and a diverse brokerage distribution and underwriting platform, with a focus on data analytics, technology transformation and innovative risk sharing solutions.