Clearstead Advisors has picked up a nine-person advisory team out of Philadelphia-based myCIO Wealth Partners, pushing the Cleveland registered investment adviser's total client assets to roughly $68 billion and marking its latest step in a multiyear acquisition push backed by private equity.
Clearstead Advisors has picked up a nine-person advisory team out of Philadelphia-based myCIO Wealth Partners, pushing the Cleveland registered investment adviser's total client assets to roughly $68 billion and marking its latest step in a multiyear acquisition push backed by private equity.
The incoming team, led by veteran advisor Paul Bracaglia alongside senior advisors Phil Bonelli, Michael Finelli, Bruce Fenster and Jackson Davey, reported approximately $2.6 billion in regulatory assets under management, plus a further $2.7 billion in assets under advisement, according to a Wednesday announcement by Clearstead.
Bracaglia and his colleagues will become Clearstead partners as part of the deal, and the group brings clients spanning the Northeast, Mid-Atlantic and Southeast.
For myCIO, which manages about $15.8 billion in regulatory assets, the sale marks an amicable split with a team that no longer fit its strategic direction for the future.
"This is a great transaction for myCIO, and we wish the departing team success with their new firm," David Lees, senior partner of myCIO Wealth Partners, said in a separate release. "The team was not a strategic fit with our existing business or future growth plans."
Adrian Verueco, myCIO's chief financial officer, framed the move as a way to sharpen the firm's focus, saying the sale "allows us to focus our resources on our core business, creating greater value for our clients and our team."
Philadelphia gives Clearstead a foothold in one of the country's largest wealth management markets, adding to a roster that now spans 14 offices and more than 325 employees.
Clearstead CEO Bradley Knapp described the addition as consistent with the firm's approach to growth rather than a one-off opportunistic buy.
"Their addition reflects our disciplined growth strategy, broadens our presence in Philadelphia, and further strengthens Clearstead's position as a nationally recognized RIA," Knapp said.
Bracaglia, for his part, pointed to shared philosophy as the draw: "Joining Clearstead is a win-win for both organizations, as we share a planning-led approach to wealth management. It allows us to join a national organization with substantial resources and capabilities, while continuing to build on the client-centric culture that has defined and shaped our team's success."
The Philadelphia deal extends a pattern of steady dealmaking that Clearstead has pursued since Flexpoint Ford, a Chicago-based private equity firm, took a majority stake in the RIA in 2022.
Earlier moves have included The Clarius Group in Seattle, Waveland Family Office in Chicago, and the combination with Wilbanks, Smith & Thomas in Norfolk, Virginia, along with a smaller advisory team addition in Hudson, Ohio.
The Philadelphia acquisition also comes roughly two months after Clearstead brought on Shaun McCracken as executive managing director of mergers and acquisitions, a hire that gave the firm dedicated deal leadership for the first time. McCracken previously worked in M&A at Acrisure and earlier served as a market data management consultant to Citadel.
Knapp said at the time that McCracken's "experience and extensive M&A knowledge demonstrate an exceptional record of achievement that will be critical to Clearstead remaining a forward-thinking firm poised for growth and committed to exceptional client service."
Clearstead's expansion comes amid a broader surge in RIA consolidation. Industry trackers have reported record-setting deal volume through the first quarter of 2026, as private equity-backed platforms compete to add scale, geographic reach and specialized capabilities such as tax and retirement-plan consulting.
Read more: RIA M&A hits new quarterly record in Q1 2026, with $1.67 trillion in deals: Echelon report
Founded in 1989 and headquartered in Cleveland, Clearstead now advises roughly $68 billion in total client assets, including about $37 billion under management, across its national platform.
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