Clearstead Advisors, a Cleveland-based registered investment adviser, has added a nine-person advisory team from Philadelphia's myCIO Wealth Partners, boosting its total client assets to approximately $68 billion. The move, announced Wednesday, marks the latest in a series of acquisitions since private-equity firm Flexpoint Ford took a majority stake in the RIA in 2022.
The incoming team is led by veteran advisor Paul Bracaglia, along with senior advisors Phil Bonelli, Michael Finelli, Bruce Fenster and Jackson Davey. The group reported roughly $2.6 billion in regulatory assets under management, plus an additional $2.7 billion in assets under advisement, according to Clearstead's announcement.
Bracaglia and his colleagues will become partners at Clearstead as part of the deal. Their client base spans the Northeast, Mid-Atlantic and Southeast regions. For myCIO, which oversees about $15.8 billion in regulatory assets, the transaction represents an amicable separation from a team that no longer aligned with its strategic direction.
David Lees, senior partner at myCIO Wealth Partners, stated in a release: "This is a great transaction for myCIO, and we wish the departing team success with their new firm. The team was not a strategic fit with our existing business or future growth plans." Adrian Verueco, myCIO's chief financial officer, added that the sale "allows us to focus our resources on our core business, creating greater value for our clients and our team."
Philadelphia gives Clearstead a foothold in one of the largest wealth management markets in the U.S., expanding its footprint to 14 offices and more than 325 employees. Clearstead CEO Bradley Knapp described the addition as part of a disciplined growth strategy rather than an opportunistic purchase. "Their addition reflects our disciplined growth strategy, broadens our presence in Philadelphia, and further strengthens Clearstead's position as a nationally recognized RIA," Knapp said.
Bracaglia cited shared philosophy as a key factor in the move: "Joining Clearstead is a win-win for both organizations, as we share a planning-led approach to wealth management. It allows us to join a national organization with substantial resources and capabilities, while continuing to build on the client-centric culture that has defined and shaped our team's success."
The Philadelphia acquisition extends Clearstead's pattern of steady dealmaking since Flexpoint Ford's investment. Previous transactions include The Clarius Group in Seattle, Waveland Family Office in Chicago, and the combination with Wilbanks, Smith & Thomas in Norfolk, Virginia, along with a smaller advisory team addition in Hudson, Ohio.
This deal also follows the hiring of Shaun McCracken as executive managing director of mergers and acquisitions roughly two months ago. McCracken, who previously worked in M&A at Acrisure and as a market data management consultant to Citadel, gives Clearstead dedicated deal leadership for the first time. Knapp noted that McCracken's "experience and extensive M&A knowledge demonstrate an exceptional record of achievement that will be critical to Clearstead remaining a forward-thinking firm poised for growth."
The broader RIA consolidation wave continues, with industry trackers reporting record deal volumes through the first quarter of 2026. Private-equity-backed platforms are competing to add scale, geographic reach and specialized capabilities such as tax and retirement-plan consulting. For more on recent M&A activity, see Coastal Bridge Advisors Completes Three-Way Merger, Creating $10 Billion RIA and Wealth Enhancement Acquires $760M Shufro-Glass Group, Pushing Assets Past $157B.
