At a glance
- The deal brings the Cleveland firm into Atlanta, and its founders, Brad McGrew and Matthew Woods, will stay on as market leaders.
- Waypoint was founded in 2014.
- MAI says Waypoint clients gain access to its Evoke ultra-high-net-worth unit, family office services, lending solutions, and operational infrastructure.
MAI Capital Management has bought Waypoint Wealth Counsel, an Atlanta fee-only RIA that manages about $490 million. Terms were not disclosed. The deal brings the Cleveland firm into Atlanta, and its founders, Brad McGrew and Matthew Woods, will stay on as market leaders.
Waypoint was founded in 2014. It serves more than 100 households, focusing on entrepreneurs, executives, and multigenerational families. It also runs two proprietary private investment funds, so clients can get alternatives without leaving the firm.
MAI says Waypoint clients gain access to its Evoke ultra-high-net-worth unit, family office services, lending solutions, and operational infrastructure. "With Waypoint, we found both an outstanding team and an opportunity-filled market," CEO Rick Buoncore said. Woods said the combination pairs local relationships with a national firm's capabilities.
The acquisition extends a series of deals that received new capital in June, when Carlyle took a majority stake valuing MAI at more than $2.8 billion. MAI now reports $77.3 billion in total assets. It employs over 700 people. The firm used that capital to enter Atlanta, which PWD noted this week has become a front in the RIA roll-up war.
Waypoint's $490 million is small. MAI is a $77.3 billion firm. The deal puts MAI in a market where family wealth is expanding, and it brings two private funds that can be offered to a wider client base. Carlyle's capital means more purchases are possible. Whether MAI buys again in the Southeast will show how much this entry matters.
Reported by the M&A desk from Financial Advisor Magazine. Published . Corrections