MAI Capital Acquires $245M RIA Liberty Private Client
MAI Capital Management has acquired a Florida-based registered investment advisor firm that manages $245 million in client assets.
Fort Myers, FL-based Liberty Private Client, which joined MAI Capital on October 24, was founded in 2019 by founder and president Michael McCort. The team includes chairman Richard Seidel, CCO Deana Simcox, and investment analyst Ashlyn Smith.
McCort and Seidel have joined MAI Capital as senior wealth advisors, according to the firm’s website.
Liberty Private Client provides customized asset management, tax, retirement and legacy planning solutions to high-net-worth individuals.
With MAI’s latest addition, Liberty Private Client advisors and staff will gain access to the firm’s investment services, which include equity and fixed income portfolio guidance and financial planning capabilities, MAI Capital said.
“Liberty shares our commitment to putting clients first and delivering advice that’s both personal and holistic,” Rick Buoncore, CEO and chairman of MAI Capital, said. “Their advisors will now gain access to our deep bench of planning, investment and tax professionals—giving them the resources and scale to strengthen their offerings while preserving the culture and independence that have driven their success.”
In 2020, Liberty Private Client merged with Wayne, PA-based RIA Girard Private Investment Group, which was founded by Seidel.
The deal marks MAI’s third Florida-based acquisition and bolsters the firm’s presence across the East Coast.
Recently, MAI added Columbus, OH-based J.W. Coons Advisors, which manages $612 million in client assets.
In August, the firm announced its plans to acquire Los Angeles-based Evoke Advisors, which is expected to close by the end of the year and will create a combined wealth management platform overseeing more than $60 billion in assets across over 30 offices nationwide.
MAI Capital Management oversees $39.4 billion in total assets, including $34 billion under management and $5.4 billion under advisement as of September, the firm said.