San Mateo, California-based firm brings $570 million in client assets to MAI’s growing national platform

CLEVELAND--(BUSINESS WIRE)--

MAI Capital Management (“MAI”), a registered investment advisor (RIA) focused on empowering clients to simplify, protect and grow their wealth, today announced the acquisition of Summit Financial Advisors, LLC (“Summit”). Terms of the transaction were not disclosed.

Headquartered in San Mateo, California, Summit was co-founded in 1998 by Rafael Velez. From its inception, Summit has been guided by fiduciary principles rooted in trust, integrity and transparency, distinguishing itself through highly personalized service and a values-based approach to wealth management. The firm has since grown into a leading boutique advisory practice serving emerging affluent and high-net-worth clients and their families, with approximately $570 million in assets under management (AUM) at the time of close.

With deep roots in Silicon Valley, Summit has built particular expertise in serving high-tech executives and entrepreneurs. The firm specializes in advising on equity-based compensation, concentrated stock portfolios and complex tax strategies—areas of increasing importance to its client base and complementary to MAI’s holistic wealth management approach.

“Raf and his team share our vision for client-first financial management, and their demonstrated expertise and specialized service offerings will strengthen MAI’s presence in California and beyond,” said Rick Buoncore, Chairman & CEO, MAI. “Summit’s lead advisor and core team have been together for more than two decades. This continuity, and hands-on approach to client service, help make them a natural fit for MAI. We look forward to working together to enhance the value we deliver to the individuals and families we serve.”

The firm will integrate into MAI’s platform, giving Summit clients access to expanded resources while preserving the trusted relationships they have built with their advisors. The full Summit team will remain in place, with Velez assuming the role of Regional President, Senior Managing Director as part of MAI.

“From the outset, our mission has been to serve as a single resource for comprehensive wealth management while cultivating deep, long-lasting client relationships,” said Velez. “Partnering with MAI enables us to provide our clients with enhanced resources and capabilities while maintaining the personalized service and fiduciary commitment that have guided our firm for over 27 years.”

Summit joined MAI effective September 12, 2025. Summit was advised by Advice Dynamics Partners on the transaction.

About MAI Capital Management

MAI is a registered investment adviser and wealth management firm unified in purpose to empower clients to simplify, protect, and grow the wealth they have worked so hard to build. Founded in 1973, the firm helps clients achieve their vision and goals through objective advice, tailored planning, comprehensive and integrated solutions, and highly personal service. The firm has 33 offices across the United States, a team of over 500 people, and, as of June 30, 2025, nearly $35 billion in total assets including $31.15 billion in assets under management and $3.84 billion in assets under advisement*. For more information, visit www.mai.capital or MAI’s company page on LinkedIn.

*Including retirement plans and other accounts advised but not actively managed by MAI.

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Source: MAI Capital Management