MAI Capital Management moving headquarters to Independence

by Dan Holland

MAI Capital Management, an independent registered investment advising firm, plans to move from its current facilities in downtown Cleveland to Park Center Plaza on Oak Tree Boulevard in Independence by mid-2022, according to Rick Buoncore, managing partner at MAI.

“We’ve been downtown since our inception, and it’s served us well; but we’ve sort of outgrown our building,” explained Buoncore. “We hired 30 people during COVID, and we’re trying to create the right work environment.” These hires are in addition to their 140 local employees.

“Part of our challenge is that, as we’re growing, we think we’re not going to have everyone in the office at the same time going forward due to COVID, because people have learned to work from home and have become accustomed to it,” said Buoncore.

He spoke of the benefits of relocating to the Independence retail and business district along Rockside Road.

“We wanted the space to be flexible, and we wanted it to be enticing,” Buoncore said. “The building that we’re going into is beautiful – Park Center Complex. It will provide easy access for about 90% of our team and provide a quicker and easier commute with free parking as opposed to paying for parking downtown.”

Amenities of the new Independence locale include an assortment of restaurants, hotels and other businesses, as well as easier access to Cleveland Hopkins International Airport, according to Buoncore.

“We’ll be closer to the airport, and with having more and more of our team members outside of Cleveland, it will be easier for them to get there. So, it’s a whole host of reasons; but the bottom line is that our lease expired, and we had the opportunity to look around, and that was the best option for us. Given all the activity [in Independence] with restaurants and everything else, we think it will be a great place for our team to be.”

Nationwide, the firm employs more than 225 employees, with offices located across Ohio and in eight other states. The new location in Independence will serve as a central hub for the firm nationally, and will occupy two floors of one building at Park Center Plaza.

“It’s exciting to make this the home base, where everything gets done from here, and the delivery of it is done in the outer markets,” added Buoncore. “Our goal is to be the best wealth management firm in the country; not just in Ohio. That’s going to take some work and effort, but we think we’re well on the way of getting there.”

Although the company looks to grow and expand, Buoncore said the firm, which currently manages more than $10 billion in client assets, wants to retain a personalized “small firm” feel for its clients.

Their strategy is to create an intimacy with each client so he or she feels as if they are MAI’s only client. While maintaining a personalized feel, the firm looks toward a successful future according to Buoncore.

“We want to get big enough so that we can provide the best tools, the best resources, the best solutions, the best technology and the best people to our clients,” Buoncore explained.

“It’s fun to see some of the dreams and visions we’ve had become reality,” he said. “I can see how we can get to $25 billion (in client assets), and I can see how we can get to $50 billion. I couldn’t have said that just a few years ago.” ∞