Clearstead comes to Chicago with Waveland Family Office deal

Clearstead Advisors announced that it has acquired Waveland Family Office, a Chicago-area wealth management firm overseeing approximately $420 million in assets under management.

The transaction, which was finalized on January 31, expands Ohio-based Clearstead’s presence in northern suburban Chicago and strengthens its capabilities in tax and estate planning for high-net-worth families.

Waveland provides a range of family office services, including investment management, financial planning, and tax compliance. As part of the transaction, Waveland’s six employees will join Clearstead, and the firm will adopt the Clearstead name. Waveland principals Allen C. Berg and Dennis Zaslavsky will become equity partners in the expanded firm.

“Joining Clearstead is a major step forward for Waveland as we continue to better serve our clients with differentiated financial advising, tools, and resources,” Berg said in a statement Tuesday. “Clearstead’s rapid growth in the industry and sizeable presence in regional markets will give Waveland strength and capabilities as we seek to grow with high-net-worth families in new ways.”

For Zaslavsky, the deal marks a natural next step from Waveland's longtime relationship with Clearstead as a sub-advisor, a connection that began upon Waveland's inception.

“We are excited to continue our relationship as we together build out the Chicago market,” he said.

The acquisition also contributes to Clearstead’s broader expansion strategy, as Clearstead and its subsidiaries will have approximately $47 billion in assets under advisement and $22 billion in assets under management. The firm will also grow to more than 270 employees across 12 offices nationwide.

“We welcome Waveland to the One Clearstead family as an important new addition to our Midwest footprint,” said Brad Knapp, who took the role of president and CEO of Clearstead on January 1 as part of a leadership shift announced in December. “Their ability to offer comprehensive tax planning and compliance services aligns perfectly with our One Clearstead model.”

Founded in 1989 and headquartered in Cleveland, Ohio, Clearstead serves high-net-worth individuals and families, as well as institutional clients such as endowments, retirement plans, and universities. Backed by an investment from private equity firm Flexpoint Ford, Clearstead has pursued a mix of organic growth and acquisitions, with recent deals including Wilbanks, Smith & Thomas, Avalon Trust, Burkhart & Co., Snow Financial Advisors, and CLS Consulting.