Clearstead Advisors, a financial adviser based in Cleveland, is moving into the Chicago market through an acquisition of the Waveland Family Office.
Waveland, with $420 million in assets under management, provides financial and estate planning, investment management, and tax planning and compliance for high-net-worth individuals and families. It was founded in 2023 and is based in north suburban Deerfield.
"We welcome Waveland to the One Clearstead family as an important new addition to our Midwest footprint," Clearstead President and CEO Brad Knapp said in a statement. “Their impressive list of clients and skilled financial advisers made them a perfect fit into our team. We consider this an investment in the Chicago market, where we intend to continue to grow our presence."
As part of the deal, Waveland’s six employees will join Clearstead, with principals Allen Berg and Dennis Zaslavsky becoming equity partners.
“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. "Clearstead's rapid growth in the industry and sizable presence in regional markets will give Waveland strength and capabilities as we seek to grow with high-net-worth families in new ways."
Clearstead is backed by private equity’s Flexpoint Ford, which specializes in health care and financial services investments.
The deal, which closed at the end of January, boosts Clearstead’s assets under advisement to about $47 billion and assets under management to $22 billion. The 36-year-old firm, whose customers include wealthy families and institutions, has more than 270 employees spread across its 12 offices.