$47B Clearstead announces CEO succession

$47B Clearstead announces CEO succession
Pictured, from left: Bradley Knapp, president of Clearstead Advisors, and CEO David Fulton, Jr.
David Fulton, the RIA giant's decade-long chief executive, is stepping down to be replaced by president Bradley Knapp on Jan. 1 as part of a planned transition.
DEC 13, 2024

Change is coming at the highest levels of leadership at Clearstead Advisors.

The firm announced that it has named Bradley Knapp as its next president and chief executive officer, effective Jan. 1. Knapp will succeed David Fulton Jr., who has served as CEO since 2014 and will remain on the firm's board of directors.

Founded in 1989, the Cleveland-based financial advisory firm oversees more than $47 billion in assets for private, institutional, and trust clients. It provides integrated financial planning, tax services, and investment management across nine offices.

Knapp, who joined Clearstead in 2016, has held progressively senior leadership roles, most recently taking on the president role in 2023, and previously led the firm's private client and trust practices.

“Brad is a remarkable leader who has been instrumental to strategic initiatives at Clearstead, including accelerating organic growth through the addition of new channels and holistic service offerings,” Fulton said in a statement Thursday. “He has my highest endorsement.”

Knapp steps into the CEO position as the firm continues to grow. Under Fulton’s leadership, Clearstead expanded its tax compliance and financial planning capabilities, launched Clearstead Trust, and completed 11 acquisitions in the past decade. In April, it snapped up Wilbanks Smith and Thomas Asset Management, a $5 billion wealth firm in Virginia.

The firm also recently brought on board Jean Heath, a former leader at fintech giant Envestnet, to help diversify its business across the high-end spectrum of the wealth management world.

Knapp expressed his gratitude for the team supporting Clearstead’s success. “I am fortunate in my new role to have an excellent team around the country dedicated to delivering value to our clients and helping them meet their financial goals,” Knapp said. “I believe Clearstead has an exceptional opportunity to build on the impressive record of growth and innovation under Dave’s leadership and look forward to continuing our work together.”

Daniel Edelman and Steve Begleiter, Clearstead board members and managing directors at the firm's private equity backer Flexpoint Ford, also expressed their confidence in Knapp’s leadership.

“The success and growth that Clearstead has experienced is a testament to Dave’s leadership, and we are thrilled to see that he has chosen Brad as his successor to carry on the Clearstead vision," the two said.

Latest News

Vanguard seeking SEC green light to expand trademark tax-busting fund design
Vanguard seeking SEC green light to expand trademark tax-busting fund design

The Jack Bogle-founded firm is looking to apply its famed dual-share class structure to actively managed strategies.

UBS keeps focus on costs in US wealth management business
UBS keeps focus on costs in US wealth management business

Meanwhile, the bank is also investing in technology for its financial advisors in the United States.

Advisor moves: LPL and Raymond James add veteran advisors in California
Advisor moves: LPL and Raymond James add veteran advisors in California

LPL welcomes a Beverly Hills-based practice from Wedbush Securities as RayJay adds a Stifel alum to its employee advisor arm.

Is the SEC's private fund exemption rule about to change?
Is the SEC's private fund exemption rule about to change?

House bill seeks inflation-based adjustment to private fund advisor exemption.

Congress pushes to make fintech oversight offices permanent at SEC, CFTC
Congress pushes to make fintech oversight offices permanent at SEC, CFTC

A new House measure would enshrine FinHub and LabCFTC as permanent fixtures, deepening ties with financial technology sector.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave