MAI Capital Management is doubling down on its expansion strategy in the East with its latest RIA acquisition.
The firm with $30.3 billion in assets announced Monday that it has acquired Carmichael Hill & Associates, a Maryland-based RIA, adding $350 million in client assets under management.
Founded in 1989 and headquartered in Gaithersburg, Maryland, Carmichael Hill has focused on providing retirement, tax, and estate planning services, particularly for clients over 50 and small businesses. Jim Stewart, who became the sole owner of Carmichael Hill in 2013, will join MAI as a senior wealth advisor and team leader.
“When considering a partner, we sought an organization with shared values and a commitment to putting clients first," Stewart said in a statement Monday, highlighting MAI as a "strong cultural fit" for his team.
Echoing the sentiment, James McDermott, market leader and regional president at MAI, underscored the new partnership in MAI's ongoing mission to provide high-quality service and solutions for its clients.
“Jim has built an exceptional team and array of services that aligns seamlessly with our own values,” McDermott said.
Carmichael Hill will transition to MAI’s branding and integrate into the firm’s infrastructure, gaining access to human resources, operations, and marketing support.
The transaction announced Monday marks MAI’s second expansion into the Maryland and Washington, DC, metro area this year, following its acquisition of $1.2 billion Halpern Financial in October.
Prior to Halpern Financial, the firm's deal streak for 2024 included $1.4 billion Madison Wealth Management in Virginia, and $562 million AUM LWS Wealth Advisors in New Jersey.
Nine-month electronic trading freeze and share lending program at the center of dismissed claim.
Meanwhile, Rossby Financial's leadership buildout rolls on with a new COO appointment as Balefire Wealth welcomes a distinguished retirement specialist to its national network.
With a smaller group of companies driving stock market performance, advisors must work more intentionally to manage concentration risks within client portfolios.
Professional athletes are often targets of scam artists and are particularly vulnerable to fraud.
The brokerage giant tells Wall Street it will use artificial intelligence to reach clients it has never been able to serve — and turn the technology's perceived threat into a competitive edge.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
