MAI Capital Management, a registered investment adviser focusing on comprehensive investment and financial planning for high-net-worth clients, has snapped up another practice in the southwestern US.
The RIA announced Monday that it has acquired Harbor Wealth Management, a women-owned and operated firm.
With the transaction, MAI has added approximately $321 million more in client assets under management to its business.
Based in Boulder and Denver, Colorado, Harbor has served private individuals, families, businesses, retirement plans, and private foundations since it was founded in 1988 by Elyse Foster.
“We are thrilled to welcome Harbor to our growing MAI team and to expand our presence in Colorado,” Rick Buoncore, managing partner at MAI, said in a statement.
“Harbor not only shares our client-first mentality, but also has a track record of creating innovative solutions for clients, such as unique services for young professionals and women,” he said.
The acquisition will see Harbor adopting MAI's brand identity and benefiting from MAI's internal infrastructure, including HR, operations, and marketing support.
Elyse Foster and Megan Miller, Harbor's principal, chief investment officer, and wealth manager, will both assume the roles of senior wealth advisor and managing director at MAI.
In a joint statement, Foster and Miller explained their need to partner with a firm with the resources to “bring our practice to the next level, while allowing us to focus on … serving our clients.”
“MAI is equipped with the right tools to move our business forward, help our team grow in size and in expertise, and match our deep-rooted, client-centric culture,” they said.
Apart from being MAI’s 37th acquisition since embarking on an inorganic growth strategy in 2018, Harbor represents the firm’s 5th deal in its 2024 acquisition streak, which included $1.4 billion Madison Wealth Management in Ohio and Northern Virginia, and $562 million LWS Wealth Advisors in New Jersey.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
