Clearstead Advisors Announces Acquisition Of Wilbanks Smith And Thomas

By Author: Orson Amiri
Total Articles: 229
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Clearstead Advisors, LLC, a prominent registered financial advisor ("RIA"), has acquired Wilbanks Smith and Thomas Asset Management, LLC ("WST"), a wealth and investment management firm based in Norfolk, Virginia, with over $5 billion of assets under management. This acquisition marks Clearstead's continued growth trajectory and reinforces its position among the leading RIAs in the US. Post-merger, Clearstead Advisors and subsidiaries will oversee approximately $44 billion in total assets under advisement, including $20 billion in assets under management, with 225 employees across nine cities. Six WST partners will become shareholders, bringing the total employee-owners to 65. The advisory business of WST will operate as Clearstead Advisory Solutions, serving clients from offices in Norfolk, Roanoke, and Raleigh.

Founded in 1989, Clearstead integrates tax, planning, and family office services with investment management for over 1,200 individual and family clients and 245 endowments, foundations, retirement plans, and hospitals. The acquisition aligns with Clearstead's strategy of strategic growth and expansion, leveraging talent and capabilities to enhance client service. Clearstead CEO Dave Fulton emphasizes the focus on serving clients effectively, with WST representing their largest acquisition yet, demonstrating the commitment to strengthening the firm's capabilities and offerings.

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