Clearstead Advisors, a Cleveland-based registered investment adviser, has acquired a nine-person advisory team from Philadelphia's myCIO Wealth Partners, adding approximately $5.3 billion in combined assets under management and advisement. The deal pushes Clearstead's total client assets to roughly $68 billion, marking the latest in a series of acquisitions since private-equity firm Flexpoint Ford took a majority stake in 2022.
The incoming team, led by veteran advisor Paul Bracaglia, includes senior advisors Phil Bonelli, Michael Finelli, Bruce Fenster, and Jackson Davey. According to a Wednesday announcement, the group reported $2.6 billion in regulatory assets under management and an additional $2.7 billion in assets under advisement. Clients span the Northeast, Mid-Atlantic, and Southeast regions.
For myCIO, which manages about $15.8 billion in regulatory assets, the departure is described as amicable. David Lees, senior partner of 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." CFO Adrian Verueco 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 U.S. wealth management markets, expanding its footprint to 14 offices and over 325 employees. CEO Bradley Knapp emphasized the strategic nature of the addition, saying, "Their addition reflects our disciplined growth strategy, broadens our presence in Philadelphia, and further strengthens Clearstead's position as a nationally recognized RIA."
Bracaglia cited shared philosophy as a key factor: "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 deal continues a pattern of steady expansion since Flexpoint Ford's investment. Previous acquisitions include The Clarius Group in Seattle, Waveland Family Office in Chicago, and Wilbanks, Smith & Thomas in Norfolk, Virginia, along with a smaller team addition in Hudson, Ohio. The Philadelphia move also follows the hiring of Shaun McCracken as executive managing director of M&A two months ago, giving Clearstead dedicated deal leadership for the first time. McCracken previously worked in M&A at Acrisure and as a market data management consultant to Citadel.
Clearstead's growth mirrors a broader surge in RIA consolidation, with industry trackers reporting record deal volume 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 context, Wealth Enhancement recently acquired a $760 million group, pushing its assets past $157 billion, while Mercer Advisors hit $110 billion with organic growth outpacing M&A.
The Philadelphia team's addition underscores Clearstead's focus on high-net-worth and retirement-plan clients, a segment that continues to attract RIA investment. As the firm integrates the new partners, it aims to leverage its national platform while maintaining the client-centric approach that Bracaglia's team valued.
