MAI Capital Management is expanding its reach in Appalachia and the Southeast with the acquisition of LOC Investment Advisers, a fee-only advisory firm overseeing approximately $759 million in client assets.
The transaction, effective February 13, brings into MAI’s fold one of West Virginia’s most established RIAs, founded in 1981. LOC has spent more than four decades building a multigenerational client roster that now spans more than 800 households across 30 states. The firm maintains offices in Hurricane, West Virginia, and Jupiter, Florida. Financial terms were not disclosed.
The deal marks MAI’s 20th acquisition since the start of 2024 and continues a rapid expansion strategy that has grown the Cleveland-based firm to 40 offices nationwide and a workforce of more than 675 employees.
As of Jan. 1, MAI and its affiliated advisor oversee $72.6 billion in total client assets, significantly boosted by its merger with Los Angeles firm Evoke Advisors announced last summer.
LOC was launched by Robert O’Dell and David Lanham, who were among the first CFPs in West Virginia and the firm is widely regarded as the state’s longest-operating RIA and was an early adopter of the fee-only advisory model in the region. Its client base includes entrepreneurs, professionals and executives tied to energy and infrastructure-related industries.
“LOC embodies the same client-first philosophy that defines MAI,” said Rick Buoncore, Chairman and CEO of MAI. “Bob, Dave, Sean and their team have built an established planning-driven firm with deep roots and enduring relationships, including some spanning five generations.”
O’Dell and Lanham will remain involved with the firm following the close, part of what both companies described as a succession plan designed to maintain continuity for clients and staff. LOC Managing Director Sean Mayberry will step into the role of Senior Wealth Advisor & Team Leader, overseeing advisors and client relationships as the integration proceeds.
“When Dave and I founded this firm more than four decades ago, our goal was to build something that would outlast us, and continue to serve families for generations,” said Robert O’Dell, Co-Founder of LOC. “Partnering with MAI fulfills that vision. This transaction strengthens our ability to support our clients and our team over the long term, while giving us access to broader investment capabilities and deeper planning expertise, without sacrificing who we are or our commitment to putting clients first.”
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
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
