MAI Capital Management – a registered investment adviser specializing in comprehensive investment and financial planning for high-net-worth individuals and families – announced the acquisition of Carmichael Hill & Associates. The terms of the transaction were not disclosed.
Based in Gaithersburg, Maryland, Carmichael Hill has offered tailored retirement planning and financial services since its founding in 1989. The principal, Jim Stewart, became the firm’s sole owner in 2013.
Under Jim’s leadership, the firm developed a wide breadth of offerings across retirement, tax, and estate planning, specializing in advising individuals over the age of 50 and small businesses. The firm had $350 million in client assets under management as of September 30, 2024.
Carmichael Hill will adopt MAI’s brand identity and receive its internal infrastructure, such as HR, operations, and marketing resources. And as part of MAI, Jim Stewart, Principal, will take on the title of Sr. Wealth Advisor & Team Leader.
Carmichael Hill joined MAI effective December 6, 2024. And in October, MAI acquired Halpern Financial, making this the second expansion into Maryland and the Washington D.C. Metro area this year. Turkey Hill Management advised Carmichael Hill on the deal.
KEY QUOTES:
“The addition of the Carmichael Hill team marks another step forward in our mission to deliver high quality service and solutions for clients. Jim has built an exceptional team and array of services that aligns seamlessly with our own values. Providing them with our infrastructure and additional resources will only enhance the strong offering they’ve built for their clients.”
- James McDermott, Market Leader and Regional President at MAI
“When considering a partner, we sought an organization with shared values and a commitment to putting clients first. MAI stood out to us, not only due to their offerings, but because they are a strong cultural fit for our team.”
- Jim Stewart
