FINALIST: Financial and Business Advisory Services
Richard J. Buoncore and his partners really wanted MAI Wealth Advisors LLC and they had to fight to purchase the wealth management firm. But once they had it, they had a company facing a number of significant concerns.
It had operated for several decades as a captive affiliate of IMG Worldwide. It had a limited infrastructure of its own and no external marketing or sales. It also had drifted after the firm’s founder had passed away and lacked an independent identity.
Buoncore, managing partner, led the remaking of the firm by a philosophy of “take care of our clients, each other and our community.”
He offered ownership to professionals who were critical to helping the firm achieve its vision. Buoncore has followed his entrepreneurial spirit when he realized that something needed to be done that he couldn’t offer. He worked with his team to develop new capabilities and help give clients exactly what they needed.
Another challenge in Buoncore’s team’s efforts was the economic recession that took hold in 2008. While it challenged all financial firms, including MAI, Buoncore’s team pulled together and made the adjustments that those other firms did not and was able to ride out the storm.
New talent was even brought in during this time and the firm’s trajectory of growth continued to point upward.
Buoncore also has taken the important step of upgrading the firm’s equipment and technology by replacing IT systems and streamlining workflows. Much of this type of maintenance and improvements had been deferred for years, so it has provided a breath of fresh air to employees who can now even better help their clients.
How to reach: MAI Wealth Advisors LLC, www.maiwealth.com.