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Less than a month after buying pro athlete-handling financial and investment advisory firm MTX Wealth Management, Cleveland-based RIA MAI Capital Management says it has now also bought Cincinnati-based John D. Dovich & Associates (JDA).

The addition of JDA to MAI’s partnership includes both wealth management and insurance services, while establishing an MAI location in Cincinnati, MAI said July 1. The latest acquisition has also led to the creation of MAI Insurance Solutions, a new entity wholly owned by MAI that’s focused on planning-based insurance services, it said.

Before the JDA transaction, MAI just advised its clients on insurance, MAI Chief Financial Officer Jim Kacic told ThinkAdvisor on Wednesday. But MAI Insurance Solutions is MAI’s first insurance entity that “has the ability to not only advise on insurance but to place insurance as well,” he explained, adding: “We decided that it made much more sense to obtain the ability to place insurance from a firm that is already entrenched in providing this service as a solution to its clients. It is much more efficient to begin with an existing business rather than build it from the ground up.”

The JDA deal closed Sunday and will increase MAI’s assets under management by about $600 million, it noted. Financial and legal terms of the deal weren’t disclosed.

The expansion of MAI’s footprint to Cincinnati followed the addition of the greater Washington, D.C., market to MAI’s geographic coverage through the MTX acquisition that was announced June 17. In announcing that earlier purchase, MAI pointed out MTX serves “high-net-worth entrepreneurs” and families, and allowed MAI to “bolster” its growing specialty practice supporting athletes, coaches and professionals in the sports industry.

John Dovich, who founded JDA in 1987, will become regional managing director of MAI’s Cincinnati office, national head of MAI Insurance Solutions and a partner of MAI, according to the July 1 announcement.

“For over three decades, John and his team at Dovich & Associates have assisted clients in the management of their financial affairs,” Rick Buoncore, MAI managing partner, said in the statement.

JDA represents MAI’s fourth partnership since taking a minority investment from financial services holding company Wealth Partners Capital Group (WPCG) in July 2017. MAI also bought the wealth management division of Calfee Financial Advisors last year and the wealth management division of CCI Financial Group in April.

MAI is “continually speaking with firms in other geographies to expand MAI’s footprint,” Kacic told ThinkAdvisor. He added: “We believe that having a local presence is a significant benefit in enhancing the way we serve our clients. But, as is the case in any successful acquisition, expanding our footprint depends on finding the right firm that shares MAI’s client-centric philosophy and culture.”