MAI Capital announced today it has entered into an agreement to acquire HW Financial Advisors (HWFA), a Cleveland-area firm with $700 million in assets under management.
The deal is expected to close in the first quarter. Terms were not disclosed.
HWFA, an affiliate of Beachwood, Ohio-based accounting firm HW&Co., was established more than 20 years ago to provide comprehensive wealth management and goals-based planning for its clients, according to a press release.
HWFA president Stephen Rudolph, an employee of MAI early in his career, will assume the role of managing director at MAI.
“We have grown considerably in recent years with the help of partners Stanley Majkrzak and Craig Petti and our entire team, as well as our partners at HW&Co.," Rudolph said in a statement. "We are excited to continue this close working relationship and enhance the solutions and service we deliver to our clients with MAI.”
The transaction is MAI’s 10th acquisition since taking a minority investment four years ago from Wealth Partners Capital Group, a financial services holding company. MAI completed three strategic acquisitions last year in Little Rock, Ark., St. Louis and New York City.