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 Concentric Wealth Management. The terms of the deal were undisclosed.
Concentric is based in Lafayette, California, and was founded in 2008 by Eric Flett and Stewart McGuire. And it has since grown to a firm of six individuals and $662 million in assets under management (AUM), specializing in providing hundreds of individuals and families with sophisticated, tax-efficient, and globally diversified portfolios and 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.
Concentric will adopt MAI’s brand identity and receive its internal infrastructure, including HR, operations, and marketing resources. And as part of MAI, both Flett and McGuire will take on the title of Regional President.
Concentric had joined MAI effective December 31, 2024. And this was the second West Coast acquisition for MAI in 2024 after it acquired Traverso Chambers Private Wealth Management in January.
KEY QUOTES:
“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. 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.”
– Rick Buoncore, Executive Chairman of MAI
“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.”
– Stewart 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.”
– Eric Flett
