Clearstead Advisors, a Cleveland-based registered investment advisor with more than $47 billion in assets under advisement, has named Bradley Knapp as its new president and CEO, succeeding David C. Fulton Jr., who has led the firm since 2014 The change will take effect on January 1 and is part of a long succession plan. Fulton will remain on the board of directors.
Founded in 1989, Clearstead was overseeing about $29 billion in assets when private equity investor Flexpoint Ford bought a 60% stake in 2022. Since then, the firm has added a trust company in New Mexico, its second acquisition of trust and has completed a number of other additions. The firm serves nearly 300 institutional clients.
Under Fulton's leadership, Clearstead has grown revenue, earnings, assets under advisement and headcount. The firm has completed 11 deals in the past decade. Now there are 250 professionals in offices in nine cities.
Knapp joined Clearstead in 2016 as head of the private client group and in 2018, assumed responsibility for the trust practice. In 2023, he was appointed president. Before joining Clearstead, he was a senior vice president at Hawthorn.
“Brad is an outstanding leader who has been instrumental in strategic initiatives at Clearstead, including accelerating organic growth through the addition of new channels and holistic service offerings, investing in technology to enhance the client and advisor experience, and expanding of our geographic footprint through the integration of a number of strategic acquisitions,” Fulton said in a statement.
This follows news in October that Clearstead hired Jean Heath to lead national sales for the firm's advisory solutions offering. Heath was previously managing director and head of the asset manager network at Envestnet.
In April, RIA announced the acquisition of Wilbanks Smith and Thomas Asset Managementa Norfolk, Va.-based RIA. with approximately $5 billion in client assets serving individual households, institutions and other financial services firms. This deal was the largest to date.