An Old Saybrook wealth management firm with roughly $273 million in assets under management has been acquired by a national registered investment adviser.
Saybrook Wealth Group was acquired by Cleveland-based MAI Capital Management, a registered investment adviser with about $77.3 billion in combined client assets and more than 40 offices nationwide.
The deal closed May 29. Financial terms were not disclosed.
Stephen Norton founded Saybrook in 2007 after a career at large wirehouse brokerage firms, building a fee-only, fiduciary practice serving more than 300 client households. The firm offers investment management alongside retirement income, tax and estate planning, with a particular focus on high-net-worth individuals, retirees and commercial construction professionals. Norton has also developed a specialty in financial planning for families with special needs dependents.
Norton will remain in his new role as senior wealth adviser at MAI. Saybrook will operate under MAI’s brand and gain access to the firm’s internal infrastructure and more than 150 specialists in investment management, financial planning, tax, estate and family office services.
“As Saybrook has grown, more of my time has gone toward running the business and managing operational responsibilities,” Norton said. “MAI should give us the scale, planning resources and infrastructure support to take those responsibilities off our plate so we can stay focused on delivering thoughtful advice to our clients.”
