MAI Capital Management Acquires Summit Financial Advisors

MAI Capital Management, a registered investment advisor, has acquired Summit Financial Advisors, LLC, a boutique advisory practice serving high-net-worth clients and their families. The deal expands MAI's presence in California and strengthens its wealth management capabilities in areas such as equity-based compensation, concentrated stock portfolios, and complex tax strategies. The acquisition is expected to enhance the value MAI delivers to its clients, while preserving the trusted relationships Summit clients have built with their advisors.

Key Takeaways:

• MAI Capital Management has acquired Summit Financial Advisors, LLC, a boutique advisory practice with approximately $570 million in assets under management (AUM) at the time of close.
• The acquisition expands MAI's presence in California and strengthens its wealth management capabilities, particularly in serving high-tech executives and entrepreneurs.
• Summit's lead advisor, Rafael Velez, will assume the role of Regional President, Senior Managing Director as part of MAI, and the full Summit team will remain in place.
• The integration into MAI's platform will give Summit clients access to expanded resources while preserving the trusted relationships they have built with their advisors.
• The transaction terms were not disclosed, and the deal is expected to enhance the value MAI delivers to its clients.
• Rafael Velez, co-founder of Summit, has more than 20 years of experience in wealth management and has built a reputation for delivering highly personalized service and values-based approach to wealth management.
• Velez stated that the mission of Summit has been to serve as a single resource for comprehensive wealth management while cultivating deep, long-lasting client relationships, which aligns with MAI's vision.
• The acquisition is part of MAI's strategy to expand its capabilities and provide clients with enhanced resources and capabilities while maintaining personalized service and fiduciary commitment.

Statistics:

• Approximately $570 million in assets under management (AUM) at the time of close
• 20+ years of experience for Rafael Velez and the Summit team
• Over 27 years of experience for Summit Financial Advisors, LLC
• MAI Capital Management has expanded its presence in California through the acquisition

Sources:

• [1] "MAI Capital Management Acquires Summit Financial Advisors, LLC" (Source: Press Release, MAI Capital Management, [Date Unknown])