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Deals Of The Day: The Latest In Wealth Management M&A – MAI, WaterStone
Editorial Staff
27 February 2024
MAI, WaterStone As regulatory costs and client expectations have risen, so has the need for economies of scale. The need for more tech investment, and a desire for older owners of firms to seek retirement, has also driven transactions.
MAI Capital Management, an RIA, has bought another Cincinnati-based wealth firm, having inked a similar deal a fortnight ago.
The firm has acquired WaterStone Investment Counsel, a firm founded in 1995 by Mark Roberts and Don Brosz, with $144 million of client assets.
Under the deal’s terms, which were not disclosed, WaterStone will adopt MAI’s brand identity and receive MAI’s internal infrastructure affecting all firms that MAI acquires, such as HR, operations, and marketing resources. At MAI, Roberts and Brosz will both become senior wealth advisors.
“This move will also allow us to leverage expanded capabilities, such as those related to tax and estate planning, that can help us provide more holistic solutions to our clients,” Roberts said.
The latest deal follows MAI’s acquisition of Madison Wealth Management, a business that added to MAI’s footprint in Northern Virginia and Ohio. It also followed MAI’s purchase of R Karras Asset Management & Planning. WaterStone is MAI’s 35th acquisition since 2018.