MAI Capital Management has made its fourth acquisition of 2024 so far and its 36th since 2018, pushing the national RIA firm’s AUM to more than $21 billion.
LWS Wealth Advisors, which offers comprehensive financial planning, asset management, and family office services, had $562 million in assets under management at the time of the deal last Friday and will adopt the MAI name and branding. Lance Lipset, founder and managing principal of LWS, will assume the title of regional president at MAI. Terms of the transaction were not disclosed.
“Since starting our business in 2012, we’ve had a singular focus on being a comprehensive partner to our clients,” Lipset said in a statement. “As LWS continues to grow, our decision to join MAI – an organization that shares our values – allows our team to double down on bespoke client service, tap into MAI’s back-end capabilities, and expand our offerings in areas such as alternative investments.”
MAI’s previous acquisitions this year include a $549 million ‘household name’ on the West Coast and a $1.4 billion AUM firm with offices in Ohio and Virginia. LWS is headquartered in Basking Ridge, New Jersey.
“For more than a decade, LWS has provided personalized solutions to clients covering all aspects of their financial lives,” said Rick Buoncore, managing partner at MAI. “Their exceptional service has led to tremendous growth, and we are thrilled that they are joining the MAI family.”
LPL Financial and Raymond James also add independent advisors from Osaic and Edward Jones in Michigan and Arizona.
The SEC-registered RIA advises on more than $1 billion in client assets, with no advisory fee through 2027 and no human financial advisors.
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