Monday, January 30, 2023
HomeWealth ManagementClearstead Advisors Acquires Native RIA Scott Snow

Clearstead Advisors Acquires Native RIA Scott Snow

Personal equity-backed Clearstead Advisors, a Cleveland-based institutional and personal consumer monetary advisory agency, has acquired a neighborhood wealth administration enterprise as a part of its twin development technique. This would be the sixth acquisition Clearstead has made previously seven years, including about $530 million to Clearstead’s $31 billion in property below advisement.

On June 30, Clearstead signed a definitive settlement to accumulate Scott Snow (monetary advisors) LLC, an eponymous non-public wealth administration agency based by Managing Accomplice Scott Snow in 2005. Primarily based in Westlake, Ohio, Snow advises high-net-worth households and offers holistic monetary and tax planning providers.

Clearstead Chairman and CEO Dave Fulton mentioned his agency has a twin development technique consisting of natural development and inorganic development through acquisitions when it finds the best match.

“That’s what we did with Scott Snow,” he mentioned. “Scott is an distinctive skilled and he’s an skilled in tax, an skilled in monetary planning.  And he’s constructed an excellent enterprise with nice shoppers. So, the cultural overlap with us was virtually 100% and that’s what was engaging about him.”

Snow will be a part of Clearstead as senior managing director and companion within the agency’s Personal Wealth Administration Group.

“Clearstead is a nationally acknowledged and well-respected wealth administration agency,” Snow mentioned in an announcement, “and I stay up for becoming a member of such a proficient group of individuals and enhancing our general consumer success.”

Snow will function below the Clearstead Advisors identify out of his present workplace in Westlake.

Final October, non-public fairness agency Flexpoint Ford made a majority funding in Clearstead, permitting non-public fairness agency Rosemont Funding Companions to exit its minority stake within the RIA. The funding was meant to assist Clearstead speed up its natural development in addition to the tempo of acquisitions.

When taking a look at potential companions, Fulton mentioned that each capabilities and regional location are components. Corporations that may complement Clearstead’s strengths, which embrace enterprise improvement, funding analysis, consumer service and reporting, he mentioned, “could be particularly engaging to us.”

Fulton added the agency would prioritize areas inside a five-hour drive from Cleveland, adopted by rising markets that could possibly be reached through direct flight. He would additionally think about corporations close to Portland, Maine, the place the agency’s Plimsoll Mark Capital division (acquired in 2014) is positioned, in addition to a belief firm acquired by Clearstead final summer time. (The agency doesn’t custody advisor accounts there and Fulton mentioned they don’t have any plans to take action.)

Fulton pressured that mergers and acquisitions exercise could be used to create extra alternative for, moderately than exchange, natural development.

“We’re intentional about natural development,” he mentioned. “We predict that creates alternatives for youthful individuals in our agency and that it leads to higher and broader providers to our shoppers. In order that’s one thing we actually work at. We’ll complement that with acquisitions every so often.”

Based in 1989, Clearstead presently employs greater than 120 people who assist tackle advanced funding, monetary, tax and governance wants for each institutional and personal shoppers.



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