CLEARSTEAD ADVISORS ANNOUNCES ACQUISITION OF WAVELAND FAMILY OFFICE
CLEVELAND, Feb. 4, 2025 /PRNewswire/ -- Clearstead Advisors, LLC ("Clearstead"), a rapidly growing registered financial advisor ("RIA"), has acquired the assets of Waveland Family Office LLC, a wealth management firm based in northern suburban Chicago, Illinois with approximately $420 million in assets under management.
The deal was signed in early January and closed on January 31. Waveland provides holistic family office services to high-net-worth families, including financial and estate planning, investment management, and tax planning and compliance. Waveland's six employees will join the Clearstead team and adopt the Clearstead name, with Waveland principals Allen C. Berg and Dennis Zaslavsky joining as equity partners.
The acquisition continues Clearstead's rapid growth trajectory by establishing a new presence in Chicago and further developing Clearstead as a nationally recognized RIA. Upon closing, Clearstead and its subsidiaries will have approximately $47 billion in total assets under advisement,* including $22 billion in total assets under management*, more than 270 employees and 12 offices.
"Joining Clearstead is a major step forward for Waveland as we continue to better serve our clients with differentiated financial advising, tools and resources," said Mr. Berg. "Clearstead's rapid growth in the industry and sizeable presence in regional markets will give Waveland strength and capabilities as we seek to grow with high-net-worth families in new ways." Mr. Zaslavsky added "We have worked with Clearstead as a sub advisor since the inception of Waveland Family Office, LLC and are excited to continue our relationship as we together build out the Chicago market."
"We welcome Waveland to the One Clearstead family as an important new addition to our Midwest footprint," said Brad Knapp, president and CEO of Clearstead. "Their ability to offer comprehensive tax planning and compliance services aligns perfectly with our One Clearstead model."
"Their impressive list of clients and skilled financial advisors made them a perfect fit into our team. We consider this an investment in the Chicago market where we intend to continue to grow our presence."
Founded in 1989 with its headquarters in Cleveland, Ohio, Clearstead serves individual and family clients – integrating tax, planning, and family office services with investment management – in addition to hundreds of endowments and foundations, retirement plans, colleges and universities, and hospitals.
In 2022, Clearstead received a majority equity investment from Flexpoint Ford, a private equity firm specializing in financial services and healthcare investments. Since then, the firm has continued to grow organically and through acquisitions and liftouts. Recent acquisitions and expansions include Wilbanks, Smith & Thomas, LLC ("WST"); Baldwin Advisory; Burkhart & Co. and Snow Financial Advisors, both Cleveland-based wealth managers; Avalon Trust, a Santa Fe, New Mexico financial advisor; CLS Consulting, a provider of family trust company services to ultra-high net worth clients; and a seasoned team of advisors in Hudson, Ohio.
About Clearstead Advisors LLC: Founded in 1989, and headquartered in Cleveland OH, Clearstead is an independent financial advisory firm serving wealthy families and large institutions across the country. As a fiduciary, it provides wealth management services and investment consulting to enable clients to meet their financial objectives, achieve their aspirations, and build strong futures. Learn more at: https://www.clearstead.com
About Waveland Family Office LLC: Founded in 2023, Waveland Family Office, LLC is a Registered Investment Advisor and successor to firms founded by Allen C. Berg going back to 2002 that specializes in providing advisory services to high-net-worth individuals and families. The firm offers a range of family office services including investment advisory, tax planning and compliance, and financial and estate planning.
About Flexpoint Ford: Flexpoint Ford is a private equity investment firm that has approximately $8.1 billion of regulatory assets under management and specializes in privately negotiated investments in the financial services and healthcare industries. Since the firm's formation in 2005, Flexpoint Ford has completed investments across a broad range of investment sizes, structures, and asset classes. Flexpoint Ford has offices in Chicago, Illinois, and New York, New York. Learn more at: www.flexpointford.com
* AUA and AUM is as of the most recent 2024 SEC filing. AUA includes the assets of Clearstead Trust and Avalon Trust, which are not registered with the SEC.
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SOURCE Clearstead