Registered financial advisor (RIA) Clearstead Advisors has acquired the assets of US-based wealth and investment management firm Wilbanks Smith and Thomas Asset Management.
The financial terms of the deal were not disclosed.
Established in 1990, Wilbanks Smith and Thomas Asset Management manages more than $5bn in assets across wealth management, institutional advisory consulting, and advisor solutions channels.
The firm, which has 45 employees, offers financial advisory services to institutions, families and individuals, and financial service firms across the world.
Wilbanks Smith and Thomas Asset Management chief executive Wayne Wilbanks said: “We are philosophically similar to Clearstead in our client approach and a strong complement geographically, given our presence in the Mid-Atlantic and Southern states.
“Most importantly, our clients will benefit from Clearstead’s family office planning capabilities, alternative investments platform, in-house research, and wealth management capabilities.”
According to Clearstead Advisors, the transaction complements its rapid growth trajectory and further strengthens the company’s position among the major RIAs in the US.
Following the completion of the merger, Clearstead Advisors and its subsidiaries will have around $44bn in total assets under advisement. This includes $20bn in total assets under management, 225 employees, and offices in nine cities.
Besides, the six partners of Wilbanks Smith and Thomas Asset Management will become shareholders in Clearstead Advisors.
The advisory business of Wilbanks Smith and Thomas Asset Management will be renamed as Clearstead Advisory Solutions, a division of Clearstead Advisors.
Clearstead Advisors chief executive Dave Fulton said: “Strategic and prudent mergers make us a stronger firm – each brings talent and capabilities to serve clients more effectively, which is our primary focus.
“This is the impetus for our combination with WST, for which we have the highest hopes.”
Headquartered in Ohio, US, Clearstead Advisors offers wealth management services and investment consulting to support customers to address their financial objectives, succeed in their aspirations and build strong futures.
Clearstead Advisors received a majority equity investment from Flexpoint Ford, a private equity firm focusing on financial services and healthcare investments in 2022.
The RIA has also recently acquired Snow Financial Advisors, Burkhart, Avalon Trust, and CLS Consulting.