Cleveland-based RIA Clearstead Advisors on Wednesday announced it acquired a Philadelphia-based wealth management team from myCIO Wealth Partners.
The team advised on about $2.6 billion of regulatory assets under management (AUM) and approximately $2.7 billion of additional assets under advisement (AUA) as of March 31, according to Clearstead and myCIO.
The transaction, which the firms said closed on Tuesday, strengthens Clearstead’s high net worth wealth management, retirement plan consulting and tax capabilities, according to the RIA.
Paul Bracaglia leads the nine-person team, which includes Senior Advisors Phil Bonelli, Michael Finelli, Bruce Fenster and Jackson Davey. It serves high net worth individual investors, families and retirement plans across the Northeast, Mid-Atlantic and Southeast. The five advisors will become Clearstead Partners.
Clearstead CEO Brad Knapp said in a news release that the team’s “addition reflects our disciplined growth strategy, broadens our presence in Philadelphia, and further strengthens Clearstead’s position as a nationally recognized RIA.”
Clearstead’s M&A Strategy
“Clearstead’s M&A strategy is centered on partnering with firms and teams that enhance outcomes for our clients, create opportunity for our colleagues, expand our capabilities, and extend our geographic reach,” Knapp told Wealth Solutions Report by email.
“We prioritize culturally aligned organizations that share our client-first, fiduciary mindset, and a commitment to serving high-net-worth and ultra-high-net-worth individuals, family offices, and institutional clients.”
Knapp went on to tell WSR, “Our focus is not on growth for its own sake, but on identifying the right partners who can fully leverage Clearstead’s integrated platform—including investment management, alternative investments, financial and estate planning, tax, trust, personal accounting, and family office services. We are deliberate and disciplined in our approach, with no fixed acquisition targets, ensuring every partnership is the right long-term fit for both Clearstead and the firms we welcome.”
He added, “We’ll continue to stay deliberate and disciplined with our M&A strategy throughout 2026 and beyond. Our focus is on finding the right people and teams and then determining how best to partner with them. Every opportunity comes back to one question for us: does this strengthen what we deliver to clients? Whether through expanded geographic reach, additional capabilities, or deeper expertise, that’s the test every deal must pass.”
Clearstead’s growth initiatives are supported by private equity firm Flexpoint Ford’s majority equity investment in the RIA during 2022.
“This is a win for our firm,” Adrian Verueco, Partner and CFO of myCIO, said in a separate news release in which myCIO announced the deal with Clearstead. “The sale allows us to focus our resources on our core business, creating greater value for our clients and our team.”
Colchester Partners served as financial advisor to myCIO Wealth Partners.
After the transaction, Clearstead advises on about $68 billion in total client assets, including about $37 billion under management, with 325 professionals in 14 offices, it said.
MyCIO provided consulting services for more than $15.8 billion of regulatory AUM as of Dec. 31, it said.
Flexpoint Ford was founded in 2005 and said it manages about $9 billion in assets.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
