$77B MAI Capital acquires Dallas RIA to expand ultra-high-net-worth reach

MAI Capital Management is deepening its reach in the Lone Star State as a veteran-led RIA in Dallas joins its ultra-high-net-worth platform.

The Cleveland, Ohio-based registered investment advisor overseeing approximately $77.3 billion in total assets said it has acquired Service Academy Capital Management, extending the firm's footprint into one of the country's most active wealth management markets.

SACMGT will be joining Evoke, MAI's ultra-high-net-worth division, signaling the firm's continued ambitions at the upper end of the wealth spectrum.

SACMGT was founded in 2015 by Brian Sears, a Dallas-based investment advisor who previously served as co-head of Barclays Wealth America overseeing the Western United States.

A veteran with over two decades of industry experience, he also served as global co-head of distribution and product development for alternative investments at Neuberger Berman, before which he spent time as a wirehouse advisor with Goldman Sachs and Merrill Lynch.

Sears will continue in a client-facing role as investment advisor and senior managing director, maintaining the bespoke approach that has defined the firm since its founding.

"Brian and his team have built just the kind of firm we seek out – one where the client relationship comes first and the investment approach is as unique as the clients they serve," said Rick Buoncore, chairman and CEO of MAI Capital Management.

SACMGT specializes in constructing customized portfolios using both private and public market investments, calibrated to individual client risk profiles and objectives. The firm brings together what it describes as more than a century of combined professional experience across its team.

Expanding the family office platform in Texas

David Hou, managing partner of Evoke in Los Angeles, described Dallas as one of the country's most dynamic markets for ultra-high-net-worth clients. Through the partnership, Sears and his team will have access to Evoke's Family Office Service Group, which provides tax, estate, and lifestyle planning tailored to multigenerational wealth.

MAI's acquisition of Evoke Advisors last year transformed the firm's ultra-high-net-worth capabilities as it added the Los Angeles-based RIA with deep ties to the entertainment and sports industries. 

By joining MAI, SACMGT will gain access to the firm's full integrated infrastructure including compliance, operations, portfolio reporting, tax and estate planning, trust services, and research.

In March, MAI announced that funds managed by global investment firm Carlyle had agreed to acquire a majority stake in the company at a valuation of more than $2.8 billion, enhancing a relationship that began with Carlyle holding a minority position in MAI via an investment in Galway Holdings. At the time, MAI said Carlyle's backing would enable it to "continue investing significantly in its people, capabilities, and client experience."

Veteran-owned firm adds a distinctive mission dimension

As a 100% disabled veteran-owned business, SACMGT carries an uncommon designation among wealth management firms. Since its founding, Sears has offered pro-bono financial planning and advisory services to U.S. veterans and their families facing financial hardship, alongside broader charitable commitments.

A report from the FINRA Investor Education Foundation last month found that U.S. veterans exhibit greater financial resilience than their non-veteran counterparts, with veterans being about 20 percent more likely to fall into higher resilience categories even after adjusting for age, race and gender. The same research found that 51 percent of veterans fall into the more financially resilient Standing Strong and Holding Steady categories, compared to 40 percent of non-veterans.

The report also found the financial resilience of veteran households dipped from 2018 through 2024, a period that encompassed significant economic disruption from the COVID-19 pandemic. At the same time, the proportion of veterans in the most vulnerable "Living on the Edge" segment increased from 20 percent in 2018 to 23 percent in 2024.

The data further showed that younger veterans, female veterans and non-white veterans comprise a larger proportion of less financially resilient segments, indicating that targeted financial education and support may be particularly valuable for these groups.

"After visiting MAI in Cleveland, meeting with leadership and sitting in on research calls, I found a firm that shares a philosophy similar to the one we built at Service Academy Capital Management," Sears said, highlighting a shared focus on "providing integrated wealth management solutions for clients [and] giving back."

The SACMGT deal is the latest in a string of transactions for MAI, which has completed more than 20 acquisitions since January 2024. The inorganic growth strategy has touched markets all across the US including Appalachia, the Southeast, the Mid-Atlantic, and the West Coast.

Most recently in Feburary, MAI added LOC Investment Advisers of Hurricane, West Virginia, a fee-only firm overseeing approximately $759 million in assets across more than 800 households.

As of April 30, MAI and its affiliated advisors collectively manage and advise on approximately $77.3 billion in total client assets, including Evoke's $15.8 billion in AUM.