The California-based firm brings $570 million in client assets to MAI’s national platform

Cleveland-headquartered MAI Capital Management, a registered investment advisor (RIA), has acquired Summit Financial Advisors, effective September 12. The terms of the transaction were not disclosed. 

Headquartered in San Mateo, California, Summit was co-founded in 1998 by Rafael Velez, the firm said in a statement. The firm has grown into a boutique advisory practice serving emerging affluent and high net worth clients and their families, with about $570 million in assets under management (AuM) at the time of close. 

With roots in Silicon Valley, Summit has built expertise in serving high-tech executives and entrepreneurs. The firm specializes in advising on equity-based compensation, concentrated stock portfolios and complex tax strategies – areas of increasing importance to its client base and complementary to MAI’s holistic wealth management approach. 

“Raf and his team share our vision for client-first financial management, and their demonstrated expertise and specialized service offerings will strengthen MAI’s presence in California and beyond,” said Rick Buoncore, chairman and CEO, MAI. “Summit’s lead advisor and core team have been together for more than two decades. This continuity, and hands-on approach to client service, help make them a natural fit for MAI.”

The firm will integrate into MAI’s platform, giving Summit clients access to expanded resources while preserving the trusted relationships they have built with their advisors. The Summit team will remain in place, with Velez assuming the role of regional president, senior managing director as part of MAI.

“From the outset, our mission has been to serve as a single resource for comprehensive wealth management while cultivating deep, long-lasting client relationships,” said Velez. “Partnering with MAI enables us to provide our clients with enhanced resources and capabilities while maintaining the personalized service and fiduciary commitment that have guided our firm for over 27 years.”

Summit was advised by Advice Dynamics Partners on the transaction.

The firm has 33 offices across the US, a team of over 500 people, nearly $35 billion in total assets including $31.15 billion in assets under management and $3.84 billion in assets under advisement.