MAI Capital Management, a registered investment adviser (RIA) specializing in comprehensive investment and financial planning for high-net-worth individuals and families, announced the acquisition of Harbor Wealth Management. The terms of the transaction were not disclosed.
With a presence in Boulder and Denver, Colorado, Harbor advises private individuals and families, businesses, company retirement plans, and private foundations on all investment and wealth management aspects. Launched by Elyse Foster in 1988, the firm had $321 million in client assets under management at the time of the acquisition.
Harbor will be adopting MAI’s brand identity and receive the robust internal infrastructure that MAI extends to all acquired firms, including HR, operations, and marketing resources. As part of MAI, Foster and Megan Miller, Principal, Chief Investment Officer and Wealth Manager, will both take on the title of Senior Wealth Advisor, Managing Director.
Harbor joined MAI effective May 3, 2024 as MAI’s 37th acquisition since 2018 and its fifth of this year. MAI is headquartered in Cleveland, Ohio, with offices across 16 US states. And it is comprised of a team of more than 400 fueled by one powerful purpose: to empower clients to simplify, protect, and grow the wealth they have worked so hard to build. As of March 31, 2024, MAI has $22.5 billion in client assets under management.
KEY QUOTES:
“We are thrilled to welcome Harbor to our growing MAI team and to expand our presence in Colorado. 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.”
- Rick Buoncore, Managing Partner at MAI
“As we thought about the next phase of our business, we wanted a partner who could give us the resources that we need to bring our practice to the next level, while allowing us to focus on what we love the most: 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. We are very excited to join the team.”
- Foster and Miller
