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MAI Capital Buys $700M HW Financial Advisors MAI Capital was one of the most active RIA acquirers in 2020, leading a charge for mid-size firms.
Cleveland, Ohio–based MAI Capital is acquiring HW Financial Advisors, an affiliate of accounting firm Howard, Wershbale & Co (HW&Co) in Beachwood, Ohio. MAI Capital made the announcement Wednesday.
HWFA will continue its relationship with HW&Co but under the new management of MAI Capital, according to the announcement.
HWFA is a 20-year-old registered investment advisor managing $700 million in client assets and headed by Stephen Rudolph, who formerly worked with MAI in the 1990s. Rudolph will become a managing director at the close of the deal sometime in the first quarter.
RIA M&A saw no slowdown in action in 2020
Deal watchers say 2021 will be another record year
December 21, 2020 3 MINS
The data is still being gathered, but preliminary results suggest the pace of consolidation in the RIA space was barely hampered by the effects of the global pandemic that effectively shut down, or at least locked down, much of the global economy.
While the initial shock from COVID-19 came during the first quarter, which saw the S&P 500 Index fall by 30% in less than four weeks, the lagging nature of acquisition activity didn’t start showing up until the second quarter.