CLEVELAND–(BUSINESS WIRE)—MAI Capital Management, LLC (“MAI”), a registered investment adviser specializing in comprehensive investment and financial planning for high-net-worth individuals and families, announced today the acquisition of Madison Wealth Management. The addition of Madison will expand MAI’s presence in Ohio and Northern Virginia, making Cincinnati one of MAI’s biggest markets, while adding strong talent and expanded resources to the team.
“This partnership underscores MAI’s commitment to partnering with experienced professionals who share our client-first philosophy,” said Rick Buoncore, Managing Partner at MAI. “The Madison team has demonstrated not only growth and success across two major metros, but also a dedication to their communities that we at MAI share. We look forward to expanding our reach and integrated capabilities with the addition of this talented team.”
Founded in 2000, Madison Wealth Management is a trusted, independent financial planning and investment management firm headquartered in Cincinnati, Ohio, with an established presence in the Washington, D.C., and Northern Virginia area. With over $1.4 billion of client assets under management, it provides customized financial planning and investment portfolio management, retirement and stock option planning and trust and estate advisement.
“We are thrilled to be joining forces with MAI, with whom we share a vision for the future of our business,” said Madison’s Chief Investment Officer Ed Kuresman. “MAI’s partnership validates the next stage of extremely thoughtful and strategic growth for our business, clients, and team.”
Co-Founder and President Jim McDermott added, “Madison was founded on building deep, long-lasting relationships. This partnership enhances and accelerates our mission as a full-service wealth management boutique passionately dedicated to our clients’ personal goals and financial lives.”
Madison Wealth Management will receive the robust internal infrastructure that MAI extends to all acquired firms, including HR, operations, and marketing resources. At MAI, Ed Kuresman and Jim McDermott will both assume the title of Regional President.
Madison Wealth Management joined MAI effective January 5 as MAI’s 33rd acquisition. Terms of the transaction were not disclosed.
About MAI Capital Management
MAI is a fee-based registered investment adviser and wealth management firm based in Cleveland with 26 additional offices nationwide. As of December 29, 2023, MAI’s assets under management totaled $18.8 billion. The firm also provides comprehensive investment management and planning services to high-net-worth individuals, families, and athletes. MAI is led by Managing Partner Rick Buoncore. For more information, please visit mai.capital.