MAI Capital Management, a registered investment advisor dedicated to helping clients simplify, protect, and grow their wealth, has announced the acquisition of Summit Financial Advisors, a boutique advisory firm based in San Mateo, California. While the financial terms of the deal were not disclosed, the acquisition represents a significant step in MAI’s strategy to expand its presence and capabilities in key markets.
Summit Financial Advisors was co-founded in 1998 by Rafael Velez and has built its reputation on fiduciary principles of trust, integrity, and transparency. Over the years, the firm has grown into a respected advisory practice serving emerging affluent and high-net-worth clients and their families. At the time of the acquisition, Summit managed approximately 570 million dollars in assets. Its personalized, values-driven approach to wealth management has distinguished it as a trusted partner for clients seeking tailored financial guidance.
With its location in the heart of Silicon Valley, Summit has developed particular expertise in serving high-tech executives and entrepreneurs. The firm specializes in areas such as equity-based compensation, concentrated stock portfolios, and complex tax strategies. These areas of focus are increasingly important to clients in the technology sector and align closely with MAI’s holistic approach to wealth management. By combining Summit’s specialized knowledge with MAI’s broader platform, the acquisition creates new opportunities to deliver comprehensive financial solutions to a growing client base.
As part of the integration, Summit’s clients will gain access to MAI’s expanded resources, including advanced planning tools, investment strategies, and a wider range of advisory services. At the same time, the trusted relationships that Summit’s advisors have built with their clients will remain intact. The entire Summit team will continue in their roles, ensuring continuity and stability. Rafael Velez will take on the position of Regional President and Senior Managing Director within MAI, further strengthening the leadership team.
This deal underscores MAI’s commitment to growth through partnerships with firms that share its client-first values and long-term vision. By bringing Summit into its platform, MAI not only expands its geographic reach but also enhances its ability to serve clients with complex financial needs, particularly those in the technology-driven economy of Silicon Valley. The move reflects a broader trend in the wealth management industry, where firms are increasingly seeking to combine scale with specialized expertise to serve an evolving client base better.
Advisor: Summit was advised by Advice Dynamics Partners on the deal.
KEY QUOTES:
“Raf and his team share our vision for client-first financial management, and their demonstrated expertise and specialized service offerings will strengthen MAI’s presence in California and beyond. Summit’s lead advisor and core team have been together for more than two decades. This continuity, and hands-on approach to client service, help make them a natural fit for MAI. We look forward to working together to enhance the value we deliver to the individuals and families we serve.”
Rick Buoncore, Chairman & CEO, MAI
“From the outset, our mission has been to serve as a single resource for comprehensive wealth management while cultivating deep, long-lasting client relationships. Partnering with MAI enables us to provide our clients with enhanced resources and capabilities while maintaining the personalized service and fiduciary commitment that have guided our firm for over 27 years.”
Rafael Velez
