CLEVELAND--(BUSINESS WIRE)--MAI Capital Management, LLC (“MAI”), a registered investment adviser specializing in comprehensive investment and financial planning for high-net-worth individuals and families, today announced the acquisition of Concentric Wealth Management, LLC (“Concentric”). Terms of the transaction were not disclosed.
Concentric is headquartered in Lafayette, California and was founded in 2008 by Eric Flett and Stewart McGuire. It has since grown to a firm of six individuals and $662 million in assets under management, specializing in providing hundreds of individuals and families with sophisticated, tax efficient, and globally diversified portfolios, as well as comprehensive wealth management services encompassing family wealth transfer and estate planning, tax planning and compliance, risk management and insurance, executive benefits coordination, and business transition planning.
“As we continue to grow our presence on the West Coast, we are excited to bring on a talented team from Concentric that shares our core values of serving our clients, our communities, and each other,” said Rick Buoncore, Executive Chairman of MAI. “Eric, Stewart, and their entire team have not only built a fantastic business offering skilled investment management and high touch financial planning to clients across the region, but also have had a positive impact on their community through financial education and charitable work.”
Concentric will adopt MAI’s brand identity and receive its internal infrastructure, including HR, operations, and marketing resources. As part of MAI, both Flett and McGuire will take on the title of Regional President.
“Since our founding, we have worked hard to grow one client at a time and place our clients’ interest at the center of everything we do,” said McGuire. “As we enter our next phase of growth, partnering with MAI will give us the tools and resources to continue to provide cutting edge solutions to our clients,” added Flett.
Concentric joined MAI effective December 31, 2024. This was the second West Coast acquisition for MAI in 2024, after it acquired Traverso Chambers Private Wealth Management in January.
About MAI Capital Management
MAI is a registered investment adviser and wealth management firm unified in purpose to empower clients to simplify, protect, and grow the wealth they have worked so hard to build. Founded in 1973, the firm helps clients achieve their vision and goals through objective advice, tailored planning, comprehensive and integrated solutions, and highly personal service. The firm is headquartered in Cleveland, OH with offices across 16 US states, a team of over 475 people, and, as of September 30, 2024, $30.3 billion in total assets including $3.1 billion in assets under advisement.* For more information, visit www.mai.capital or MAI’s company page on LinkedIn.
*Including accounts advised but not actively managed by MAI and accounts managed by third-party advisors using an MAI model.
