#USA #Philadelphia #Clearstead Advisors #myCIO Wealth #David Lees

myCIO Wealth Partners Sells Advisory Team to Clearstead Advisors

In a recent development within the financial advisory sector, myCIO Wealth Partners, LLC, one of the largest independent registered investment advisors in Philadelphia, disclosed the sale of an advisory team to Clearstead Advisors, LLC, which is based in Cleveland, Ohio. The sale, effective as of June 30, 2026, is a significant move in the wealth management landscape, particularly as myCIO continues to streamline its operations to focus on core competencies.

Clearstead Advisors, which is affiliated with private equity firm Flexpoint Ford, has acquired a team that managed approximately $2.6 billion in regulatory assets under management (AUM). This transaction aligns with Clearstead’s growth strategy and provides them access to a well-established team with significant client assets.

David Lees, Senior Partner of myCIO, expressed positive sentiments regarding the transaction. He stated, "This is a great transaction for myCIO, and we wish the departing team success with their new firm." The decision to allow the team to transition stems from an acknowledgment that they did not fit seamlessly into myCIO’s existing business model or future growth plans.

Adrian Verueco, who serves as both a Partner and Chief Financial Officer at myCIO, emphasized the strategic nature of this decision. He commented, "This is a win for our firm. The sale allows us to focus our resources on our core business, creating greater value for our clients and our team." Such a refocus is crucial in an industry characterized by rapid change and increasing competition.

As a financial advisory firm, myCIO has been recognized for its objective and comprehensive consulting services, overseeing around $15.8 billion in regulatory AUM as of December 31, 2025. The transition for myCIO follows its inception from Ernst Young's Philadelphia Investment Advisory Practice back in 2005. The firm specializes in not just traditional wealth management but also in alternative investments and fiduciary liability, providing a distinctive value proposition to its clientele, which includes numerous influential figures across Fortune 500 companies.

This transaction could signify a larger trend within the financial advisory industry as firms look to adapt to changing market conditions, optimize client services, and restructure their operational focus. The successful handoff of a proficient advisory team highlights the agility required amidst an evolving business landscape.

In conclusion, as myCIO reshapes its strategic direction through this sale, clients and stakeholders alike will be watching closely to see how this adjustment will enhance the firm’s performance and client engagement capabilities in the future.