Dedicated business line elevates MAI’s 45-year history of providing comprehensive wealth management services to athletes, entertainment professionals
CLEVELAND–(BUSINESS WIRE)–MAI Capital Management, LLC (“MAI”) has officially launched MAI Sports + Entertainment, a dedicated business line that builds on the firm’s 45-year history of serving elite athletes and entertainment professionals. MAI is an independent registered investment adviser specializing in comprehensive wealth management for high-net-worth individuals and families and traces its legacy of exceptional client services to its early work with athlete clients.
Formally launching today, MAI Sports + Entertainment is a family office designed to meet the specific and distinct needs of its core client base by providing comprehensive wealth management, business consulting and career transition services. The division is led by Managing Directors Steve Trax, CPA, CFP®, and John Palguta, CPA, CFP®, and features a robust team of professionals in its Cleveland and Reston, Virginia, offices, plus additional support from MAI’s team of 100+ employees across the country.
“MAI has a proven track record of advising athletes throughout their career arc, from professional prospect through their playing days and into a successful retirement,” said Trax. “This success is a result of a steadfast commitment to our clients. MAI Sports + Entertainment is built on this client-centric philosophy and presents the opportunity to extend our offering that is already excelling in the industry.”
MAI Sports + Entertainment is the capstone of MAI’s efforts to proactively broaden its services to a specific subset of clients. MAI moved to formalize the sports and entertainment business line following its acquisition of MTX Wealth Management, which Trax founded, in June 2019. MTX Wealth Management serviced high-net-worth entrepreneurs and families and placed a major focus on athletes, sports industry professionals and entertainers; the acquisition provided MAI with an opportunity to solidify its in-house expertise and resources specific to this client group.
“Providing exceptional client service is woven into the fabric of MAI; it’s part of who we are,” said Rick Buoncore, Managing Partner at MAI. “We have grown significantly in recent years and kept our clients at the forefront, proactively seeking opportunities to enhance our offerings for the clients we serve. Our partnership with Steve and his team — and the MAI Sports + Entertainment division that’s resulted from it — is a testament to our commitment to our clients, as well as to designing solutions that advance them toward their goals.”
MAI Sports + Entertainment provides a holistic suite of services to meet each client’s range of needs and objectives. Every client team is backed by an expansive roster of specialists, including tax professionals, investment advisors, strategic partners and more. Currently, the division works with clients across all major professional sports leagues, as well as coaches and agents at the professional and collegiate levels.
“MAI Sports + Entertainment is the culmination of years of experience and success in meeting this elite client group’s needs,” Palguta shared. “We are elevating our specialized offering for athletes and entertainers and doubling down on our commitment to providing tailored solutions for our clients.”
“Our success lies in our ability to really understand the client, their needs and their individual situation,” added Trax. “We built MAI Sports + Entertainment to facilitate this high level of personalization and specialization that will help drive success for our clients.”
About MAI Capital Management
MAI Capital Management (“MAI”) is a fee-based registered investment adviser and wealth management firm based in Cleveland, with additional offices in Cincinnati and Columbus, OH, Ponte Vedra Beach, FL, Nashua, NH, Irvine, CA, Reston, VA, and New York City. As of June 30, 2020, MAI’s assets under management totaled more than $7 billion. The firm also provides comprehensive investment management and planning services to high-net-worth individuals, families and athletes. MAI is led by Managing Partner Rick Buoncore. For more information, please visit www.mai.capital.
About MAI Sports + Entertainment
MAI Sports + Entertainment provides comprehensive wealth management, family office and lifestyle services for athlete and entertainment professionals. Based in Cleveland, OH, and Reston, VA, MAI Sports + Entertainment is a dedicated division within MAI Capital Management (“MAI”), a fee-based registered investment adviser and wealth management firm. The division is led by Steve Trax, CPA, CFP®, and John Palguta, CPA, CFP®. For more information, please visit www.MAISports.com.
Marissa Foy Comerford
Gregory FCA for MAI Capital
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