MAI Capital Management, a Cleveland-based registered investment advisor, has acquired Waypoint Wealth Counsel, an Atlanta-based fee-only firm overseeing approximately $490 million in client assets. The transaction, announced Monday, marks MAI's first foray into the Atlanta market, a region CEO Rick Buoncore said the firm has "long viewed as strategically important."
Waypoint was founded in 2014 by Brad McGrew and Matthew Woods, who built the firm around affluent and ultra-high-net-worth entrepreneurs, business owners, executives, and multigenerational families. Prior to co-founding Waypoint, McGrew was registered as an investment advisor with Morgan Stanley and Citi, according to his SEC investment advisor record. The firm has differentiated itself by offering clients access to private markets through two proprietary alternative investment funds, capitalizing on growing demand for opportunities beyond public equities.
"Brad, Matthew and their team have built an exceptional firm by combining institutional-caliber services with deeply personalized relationships," Buoncore said in a statement. "That client-first culture aligns naturally with MAI." Woods and McGrew will remain with MAI as Market Leaders, with Woods citing Atlanta's concentration of entrepreneurs and generational wealth as a key draw. "Through MAI's platform, including its Evoke ultra-high-net-worth team, we're looking forward to the added depth and investment expertise, particularly as it relates to delivering on the needs of the clients we are fortunate to serve," Woods said.
The acquisition is part of a broader consolidation push by MAI, which has completed more than 20 deals since January 2024. In June, the firm added Dallas-based Service Academy Capital Management to its Evoke platform, giving the veteran-founded firm access to MAI's family office resources for tax, estate, and lifestyle planning. That same week, MAI announced a deal to acquire Saybrook Wealth Group, a Connecticut-based RIA with $273 million in assets, serving high-net-worth individuals, executives, retirees, and families with special-needs dependents.
The deal comes on the heels of a landmark investment from private equity giant Carlyle Group, which took a controlling stake in MAI at a valuation exceeding $2.8 billion. Buoncore has indicated that Carlyle's capital would fuel further acquisitions in markets including Atlanta, Texas, Denver, Chicago, and Boston. "We're the only controlling interest they [Carlyle] have in the wealth management business, so hopefully there'll be opportunities to meet some of their portfolio management companies for opportunities for new business and things like that," Buoncore told InvestmentNews at the time.
MAI's expansion reflects a broader trend of RIA consolidation, with private equity backing enabling firms to scale rapidly. The firm's focus on high-net-worth clients and private markets aligns with industry shifts, as advisors increasingly incorporate alternative investments into client portfolios. For more on this trend, see advisors shifting private markets focus.
Waypoint's client base, which includes more than 100 households, will now have access to MAI's broader platform, including its Evoke ultra-high-net-worth team. The acquisition also strengthens MAI's presence in the Southeast, a region with growing wealth and entrepreneurial activity. As MAI continues to integrate Waypoint, the firm will look to leverage its expanded capabilities to serve existing clients and attract new ones.
The deal is expected to close in the coming months, subject to customary closing conditions. Financial terms were not disclosed. MAI's acquisition spree shows no signs of slowing, with the firm actively pursuing opportunities in key markets across the country.
