MAI Capital Management is making moves in the Eastern US as it acquires a storied fee-only independent RIA.
On Monday, MAI announced its acquisition of Halpern Financial, which boasts $1.2 billion in assets under management as of September 30 and locations across Virginia, Maryland, and Florida. Terms of the deal were not disclosed.
Founded in 1991 by Ted Halpern, Halpern Financial is a fee-only, independent registered investment advisor with offices in Ashburn, Virginia, and Rockville, Maryland, and a presence in Naples, Florida.
“We were drawn to the Halpern team because of their passion for not only managing their clients’ money, but also providing them with the financial education they need to thrive for the long term,” Rick Buoncore, executive chairman at MAI said in a statement. “Ted and his team have longstanding success in valuing, uplifting, and serving their clients, and we look forward to partnering with them to continue that work.”
The acquisition will see Halpern Financial adopt the MAI brand, while gaining access to MAI’s internal infrastructure, including human resources, operations, and marketing support. Ted Halpern, who sees the deal as " a perfect match for our client-first culture and mindse," will take on the role of regional president under the new arrangement.
“When making this decision, we were looking for a like-minded partner to help bring our business into its next phase of growth,” Halpern said.
This acquisition marks MAI's 40th since 2018 and its eighth of 2024. Its deal streak this year has included $1.4 billion Madison Wealth Management in Virginia, $562 million AUM LWS Wealth Advisors in New Jersey, and $321 million Harbor Wealth Management, a woman-owned and operated firm in Colorado.
MAI Capital Management, founded in 1973 and headquartered in Cleveland, Ohio, manages $23.6 billion in client assets across 16 US states as of June 30, 2024.
Retail banks and private wealth firms scored 40 in Fitch's AI stress test, signaling possible one-notch downgrade risk under an adverse scenario.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
