Clearstead Advisors Expands Reach with Acquisition of Waveland Family Office in Illinois
Clearstead Advisors Expands Its Presence with Waveland Acquisition
On February 4, 2025, Clearstead Advisors, LLC, a growing registered financial advisor (RIA), made headlines by announcing its acquisition of Waveland Family Office LLC, a wealth management firm based in northern suburban Chicago, Illinois. This strategic move not only enhances Clearstead's portfolio but also strengthens its footprint in the competitive financial advisory market.
The deal, which
was finalized on January 31, follows an agreement signed in early January. Waveland Family Office specializes in delivering holistic family office services, primarily targeting high-net-worth families. Their offerings include comprehensive financial and estate planning, investment management, along with tax planning and compliance services. With a robust management portfolio of approximately $420 million, Waveland boasts a team of six seasoned professionals who will now operate under the Clearstead banner, facilitating a seamless integration into Clearstead's organizational framework.
Allen C. Berg and Dennis Zaslavsky, principal figures of Waveland, are set to join Clearstead as equity partners, further reinforcing the leadership and expertise within the firm. This acquisition is viewed as a pivotal step that aligns perfectly with Clearstead's vision of delivering differentiated financial services to its clients. As Berg noted, "Joining Clearstead is a major step forward for Waveland as we continue to better serve our clients with differentiated financial advising, tools, and resources." This sentiment reflects a shared understanding of the value that a larger, more resourceful advisor brings to their clientele as they aim to expand their business.
Zaslavsky emphasized the longstanding relationship between Waveland and Clearstead, stating, "We have worked with Clearstead as a sub-advisor since the inception of Waveland Family Office, LLC and are excited to continue our partnership as we build out the Chicago market together." Clearstead's president and CEO, Brad Knapp, welcomes Waveland into what he describes as the "One Clearstead family," highlighting the operational synergies obtained from Waveland's expertise in tax planning services. Knapp stated, "Their ability to offer comprehensive tax planning and compliance services aligns perfectly with our One Clearstead model."
Founded in 1989 and headquartered in Cleveland, Ohio, Clearstead has made a name for itself as an independent financial advisory firm that caters to wealthy families and large institutions across the country. This acquisition marks a significant milestone in Clearstead’s growth trajectory, which now encompasses approximately $47 billion in total assets under advisement and $22 billion in assets managed. The firm employs more than 270 professionals and operates across 12 offices in various regions.
Such strategic acquisitions, including recent ones like Wilbanks, Smith & Thomas, LLC and Baldwin Advisory, illustrate Clearstead's intent to solidify its market presence and expand its service offerings. Waveland's acquisition is poised to capitalize on Clearstead's infrastructure while also providing clients with enriched services that stem from a combined expertise.
Looking ahead, the future seems bright for Clearstead as they continue to leverage strategic partnerships and acquisitions to support their commitment to providing premier financial services. The integration of Waveland promises to enhance both firms' capabilities, positioning them to meet the growing demands of high-net-worth families seeking comprehensive financial strategies.
In conclusion, this acquisition signifies not just growth in numbers but also an enhanced capacity to deliver quality advisory services, making Clearstead Advisors a noteworthy player in the financial advisory landscape. As they continue to expand and adapt in a rapidly evolving industry, Clearstead remains focused on its commitment to client success and wealth management excellence.