The latest corporate deals, transactions and acquisitions in the North American wealth management industry.

MAI Capital Management, Pareto Wealth Management
MAI Capital Management, an investment advisor specializing in investment and financial planning for high net worth individuals, families, professional athletes and entertainers, has acquired Pareto Wealth Management.

The financial terms of the deal were not disclosed. 

The acquisition adds to MAI’s financial planning and wealth teams at its headquarters in Independence, Ohio, the firm said in a statement.

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 financial and retirement plans aligned with goals-based investment management and strategy, the firm added.

Pareto was previously a division of McDonald Partners Wealth Advisory Group in Cleveland. The Pareto team will join MAI, with Kriak and Palko each assuming the role of managing director at MAI, the firm said.

Welcoming them to the firm, Rick Buoncore, managing partner at MAI, said: “Partnering with professionals who share our client-first philosophy remains a priority for us as we grow.”

Most recently, MAI announced its partnership with Intersect, a San Ramon, California-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.”

The acquisition closed on August 9, 2022.

As of June 30, 2022, MAI’s assets under management totaled $13.4 billion. The firm also provides investment management and planning services to high net worth individuals, families, and athletes.

The acquisition continues a broad industry trend of M&A deals that are driven by a desire for economies of scale to shoulder costs of regulation and rising client expectations, as well as by older advisors’ desire for a retirement/transition exit plan.