MAI Capital Management has acquired $1.4 billion Madison Wealth Management to enhance its presence in Ohio and Northern Virginia.
Madison was founded almost a quarter of a century ago and focuses on customized financial planning and investment portfolio management, retirement and stock option planning and trust and estate advisement.
“We are thrilled to be joining forces with MAI, with whom we share a vision for the future of our business,” said Madison’s CIO Ed Kuresman. “MAI’s partnership validates the next stage of extremely thoughtful and strategic growth for our business, clients, and team.”
Kuresman, along with co-founder and president of the Cincinnati headquartered firm, Jim McDermott, will assume regional director roles at MAI.
“Madison was founded on building deep, long-lasting relationships,” commented McDermott. “This partnership enhances and accelerates our mission as a full-service wealth management boutique passionately dedicated to our clients’ personal goals and financial lives.”
MAI has now made 33 acquisitions and the addition of Madison makes Cincinnati one of its biggest markets. MAI is based in Cleveland and has 26 additional offices nationwide and $18.8 billion AUM as of December 29, 2023.
“This partnership underscores MAI’s commitment to partnering with experienced professionals who share our client-first philosophy,” said Rick Buoncore, managing partner at MAI. “The Madison team has demonstrated not only growth and success across two major metros, but also a dedication to their communities that we at MAI share. We look forward to expanding our reach and integrated capabilities with the addition of this talented team.”
As SECURE 2.0 and state mandates drive micro 401(k) plan adoption, advisors are set to play a bigger role in helping small businesses navigate retirement solutions.
More than three-fifths of surveyed advisors see generative AI as an efficiency booster, though many are still concerned about data privacy and lack of tech integration.
The new offerings, including managed options on Franklin's canvas platform, come as managed account assets surge in the US to hit $13.7 trillion.
Meanwhile, Raymond James bolstered its employee advisor arm with an industry veteran who previously oversaw $750 million at Stifel.
Staffing shortfalls, new policies, and increased demand for clarity create potential speed bumps for tax planning and compliance.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
