Stratos Wealth Advisors expands in Ohio

Stratos Wealth Advisors expands in Ohio
The national RIA adds a two-advisor wealth planning practice, led by a five-decade industry veteran, that oversees more than $100M in AUM.
MAY 29, 2024

Stratos Wealth Advisors has extended its reach in Ohio with a veteran-led wealth planning practice.

The RIA announced Monday that it has welcomed Spain & Smith, a wealth management firm based in Pepper Pike, Ohio, to its platform. This move is part of Stratos’ broader strategy of attracting growth-focused advisors to its support platform.

The firm oversees more than $100 million in assets under management. Stratos Wealth Advisors itself manages over $3.3 billion in advisory assets and over $279 million in third-party managed assets as of March 31, 2024.

Spain & Smith is led by Henry “Hank” Spain, managing director and senior portfolio manager, and supported by Dayna Smith, wealth advisor. A veteran among veterans, Spain’s record in the industry stretches back 47 years, including a nearly two-decade affiliation with Wells Fargo.

The Ohio-based firm focuses on helping clients develop long-term financial wellness programs to achieve their financial goals. They provide an array of services including financial, retirement, Social Security, tax, estate, charitable, and education planning, as well as risk management.

“As we examined how we wanted to expand in the future, we felt working with Stratos would be the best path to achieving our goals,” Spain said.

He cited the national firm’s “strong” reputation in the state and beyond, as well as its technological and practice management solutions, which he expects will allow his practice to thrive along with their clientele.

“I’ve known Hank for years and have a deep respect for his approach to client service,” said Jeff Concepcion, founder and CEO of Stratos Wealth Partners. “I’m thrilled Hank and Dayna have joined us as they continue to grow their business by taking advantage of Stratos' scale and scope to enhance the way they support their clients.”

In April, Stratos Wealth Advisors significantly bolstered its network in northern Nevada as it added a $500 million multigenerational team from RBC.

The national RIA’s sibling private wealth division also revealed plans to boost its bicoastal profile with a master plan to expand in the East Coast, emphasizing New Jersey and Westchester, New York.

Latest News

JPMorgan tells fintech firms to start paying for customer data
JPMorgan tells fintech firms to start paying for customer data

The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.

FINRA snapshot shows concentration in largest firms, coastal states
FINRA snapshot shows concentration in largest firms, coastal states

The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.

Why advisors to divorcing couples shouldn't bet on who'll stay
Why advisors to divorcing couples shouldn't bet on who'll stay

Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.

SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives
SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives

With more than $13 billion in assets, American Portfolios Advisors closed last October.

William Blair taps former Raymond James executive to lead investment management business
William Blair taps former Raymond James executive to lead investment management business

Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

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.