Registered Investment Advisor (RIA) MAI Capital Management has bought Cleveland-based Pareto Wealth Management for an undisclosed sum.
The deal represents MAI’s eighth purchase after it was acquired by Galway in September last year.
Led by Sean Kriak and Joe Palko, Pareto currently offers financial planning and wealth management solutions to high net worth clients. Previously, the company was part of McDonald Partners Wealth Advisory Group in Cleveland.
Following the latest agreement, Kriak and Palko will be appointed Managing Directors of MAI. The entire Pareto team will also migrate under new ownership.
The agreement will strengthen MAI’s presence in northeast Ohio. It also allowed RIA to include additional staff in its Financial and Wealth Planning Division located at its headquarters in Independence, Ohio, USA.
MAI’s Managing Partner, Rick Buoncore, said, “Partnering with professionals who share our client-focused philosophy remains a priority for us as we grow.
“Sean and Joe exemplify this commitment and will complement MAI’s broader financial planning and wealth management offerings. »
Recently, MAI announced a collaboration with Intersect, a California-based wealth management firm. The partnership aims to advise professional athletes.
The company has undertaken a series of acquisitions recently. Earlier this year, MAI bought Winfield Associates in Cleveland and Monarch Business & Wealth Management in New York.
Prior to this, MAI purchased Investment Planning Associates in Rockville, Maryland, USA, among others.
Kriak said, “Our team’s main goal is to deliver a superior customer experience.
“Partnering with MAI will allow us to amplify these efforts, bringing expanded tools and resources to our customers, while giving us more time to focus on meeting our customers’ goals and needs.”