MAI Capital Management acquired Halpern Financial, an independent RIA with $1.2 billion in assets under management (AUM) as of Sept. 30, it said Monday.
The acquisition, effective Oct. 4, expands the presence of Cleveland-based MAI, which specializes in comprehensive investment and financial planning for high net worth investors, across Florida, Maryland and Virginia.
Founded by its President, Ted Halpern, in 1991, Halpern Financial has offices in Ashburn, Virginia, and Rockville, Maryland, along with a presence in Naples, Florida, according to a press release. The company is a fee-only independent fiduciary and RIA. Ted Halpern will assume the title of Regional President at MAI.
The transaction is MAI’s 40th acquisition since 2018 and its eighth of 2024, according to MAI. In January, it acquired $1.4 billion Madison Wealth Management, which has a strong presence in northern Virginia, making Halpern its second expansion into that region this year.
“We were drawn to the Halpern team because of their passion for not only managing their clients’ money, but also providing them with the financial education they need to thrive for the long term,” said Rick Buoncore, Executive Chairman at MAI.
“Ted and his team have longstanding success in valuing, uplifting, and serving their clients, and we look forward to partnering with them to continue that work,” he added.
Halpern Financial will adopt MAI’s brand identity and internal infrastructure, including human resources, operations and marketing.
“When making this decision, we were looking for a like-minded partner to help bring our business into its next phase of growth. MAI is a perfect match for our client-first culture and mindset,” said Ted Halpern. “This move allows us a clear pathway to deliver enhanced services and expertise to the individuals and families we serve across all asset levels, using MAI’s additional resources and unique capabilities.”
MAI has offices across 16 U.S. states, a team of 450 people, and, as of June 30, $23.6 billion in AUM.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.
