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MAI acquires NY wealth management company

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Cleveland-based MAI Capital Management, LLC has acquired Monarch Business & Wealth Management, LLC and its strategic partner, Regal Wealth Management, LLC, according to a Jan. 3 news release.

Based in New York, Monarch delivers personalized financial planning and business management services to high-net-worth families, artists, entertainers and professional athletes. The company was founded in 2008 by CEO Barry Klarberg.

Monarch’s strategic partner, Regal, launched in 2020 to offer a complementary array of wealth management services, including goals-based investment management, tax planning, legacy planning and assisting with both business and personal financing.

Klarberg will assume the role of senior managing director at MAI, according to the release.

“Our acquisition of Monarch and Regal is an important step forward in our intentional growth strategy,” Rick Buoncore, managing partner at MAI, said in the release. “Their team’s unwavering commitment to client success integrates perfectly with our philosophy. This partnership will expand our capabilities in core areas, including family office and our Sports + Entertainment Division, which will be a significant driver in MAI’s future growth.”

The acquisition closed on Dec. 17, and will expand MAI’s family office practice and increase assets under management by over $163 million, the release said. Financial and legal terms of the deal were not disclosed.

“We are excited to partner with MAI and Galway to further strengthen our financial services to help meet the unique needs of our clients,” Klarberg said in the release.

This is MAI’s fifth acquisition since Galway Holdings, a leading financial services distribution company, completed its acquisition of MAI in September. Recently, MAI announced its acquisition of Investment Planning Associates located in Rockville, Md.; Queens Oak Advisors in Charlotte, N.C.; Hochman Cole Investment Advisors, based in the Chicagoland area; and Storey & Associates, located in North Canton. Earlier in 2021, MAI acquired HW Financial Advisors and the wealth management division of Ownership Advisors, both based in the Greater Cleveland area; along with Naples, Fla.-based MWM Investment Consulting and Baltimore-based Geier Asset Management.

“I am looking forward to this new partnership with MAI and Galway and the opportunities it presents for our organizations and clients,” Jay Williams, Monarch partner and TV personality, said in the release. “We will make great things happen together.”

“Our partnership with Barry Klarberg and his team strengthens our ability to provide strategic wealth management guidance and customized solutions to address the unique needs of high-net-worth families, particularly in the sports and entertainment space,” added John Hahn, executive chairman at Galway, in the release.