The acquisition introduces a new business unit for MAI, adding retirement plan consulting capabilities and marking its formal entry point into the retirement plan space

MAI Capital Management, a registered investment advisor specializing in investment and financial planning for high net worth individuals and families, has acquired West Point Business Group. 

The acquisition adds specialized retirement plan consulting services and facilitates the launch of MAI Retirement, a dedicated retirement plan service line, the firm said in a statement.

Based in Ponte Vedra Beach, Florida, West Point provides fiduciary-based retirement plan consulting and financial wellness programs for businesses, as well as wealth management for individuals and families. 

The firm creates customized solutions for its retirement clients and will establish MAI’s presence in the defined contribution and defined benefit plan space by leveraging MAI’s network of professionals and sister organizations.

West Point partners C. Clayton Perry and Keola J. Elobt will both assume roles as managing director and group head of MAI Retirement, the firm added. They will be joined by four other West Point team members at MAI Retirement. 

Additionally, MAI Retirement has appointed Jason Hamilton, who brings over 27 years of industry experience, as director of retirement.

“This focus has laid the groundwork for our partnership with the West Point team and the founding of MAI Retirement,” Rick Buoncore, managing partner at MAI said. 

“We are excited to leverage their experience and insights to broaden our service offerings for a larger group of clients as we set out to enhance our national offering and scale,” he added.

MAI’s acquisition of West Point is the firm’s 10th deal since Galway Holdings, a financial services distribution company, which completed its acquisition of MAI in September 2021. 

“MAI is dedicated to providing a comprehensive suite of services to its clients, and the addition of dedicated retirement plan consulting services elevates the firm’s overall value proposition,” said John Hahn, executive chairman at Galway.

The acquisition closed on September 30, 2022, adding around $230 million in assets under management and $568 million in retirement plan assets as of August 8, 2022, the firm added.

MAI is a fee-based registered investment advisor and wealth management firm based in Cleveland, with assets under management worth $14.7 billion.