Clearstead Advisors, LLC (Cleveland)

Name: Clearstead Advisors, LLC
Address: 1100 Superior Ave East, Cleveland, OH, 44114
Telephone: 216-621-1090

Clearstead Advisors, LLC is a large advisory firm based in Cleveland. It manages $4.33 billion of regulatory assets for 2,872 client accounts. It has been registered with the SEC as an adviser since 2018 and has operated in the jurisdictions of California, Florida, Illinois, and 15 other states.

Clearstead Advisors provides financial planning services, portfolio management for individuals and small businesses, portfolio management for businesses and institutional clients, pension consulting services, selection of other advisers, publication of newsletters, and investment consulting services to 401(k), endowment, foundation and healthcare clients. It prepares financial plans for more than 250 clients. On top of advisory services, the firm doesn't engage in other business activities.

Clearstead Advisors: assets under management

The assets under management (AUM) of Clearstead Advisors, LLC is $4.33 billion. The firm's AUM has grown by 7% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $3.21 billion in discretionary accounts and $1.12 billion in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $1.62 million each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $1.26 million.

Clearstead Advisors has custody of $3.83 billion in cash and securities for 574 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in investment and business development companies the most. They account for 57% of the total AUM. The second-largest asset type is pooled investment vehicles, which make up 12% of the firm’s portfolio. Investments in non-exchange traded securities form 10% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Clearstead Advisors, LLC for their services and products based on a percentage of assets under management and fixed fees. Flat-fee based compensation is the most transparent and the one you can safely predict in advance. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Clearstead Advisors serves?

The firm provides services to individuals, high net worth individuals, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of Clearstead Advisors is high net worth individuals with 390 clients and $2.86 billion of assets under management. Among the 10 most similar advisory firms, Clearstead Advisors has the highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $4.33 billion for 562 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.

Clearstead Advisors doesn't advise any private funds.

Careers at Clearstead Advisors, LLC

The company employs 73 people that are either part- or full-time employees. 53 percent of the employees work as investment advisers or researchers. 8 employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone with the role of looking for and bringing in new clients on behalf of the firm. The firm compensates employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
David Campbell Fulton	President, chief executive officer, chairman of board	1 Dec 2009	Other	2022897
Steven Francis Wolken	Chief compliance officer	1 Oct 2011	Other	5322244
Bradley Earl Turner	Chief operating officer	1 Oct 2011	Other	1211520
Brian Kenneth Hrabak	Chief investment officer	1 Oct 2015	Other	5511681
Inc. Hartland Holdings	Member	1 Mar 2017	50% - 75%	81-4768025
Llc Hartland Management Investors	Member	1 Mar 2017	Other	81-4842549
Lp Rosemont Investment Partners Iii	Member	1 Mar 2017	25% - 50%	27-3667035

Indirect Owners

The SEC currently registers 4 indirect owners.

Name	Entity	Date acquired	Ownership	Employer ID
Llc Rosemont Investment Partners Iii	General partner	1 Oct 2010	Other	27-3666961
David Campbell Fulton	Member	1 Mar 2017	Other	2022897
Justin Carl Tippit	Member	1 Mar 2017	Other	6433392
Gregory Paul Althans	Member	1 Mar 2017	Other	1146456

Based in Cleveland

The principal office where Clearstead Advisors, LLC performs its advisory services is located at 1100 Superior Ave East, Cleveland, OH 44114, which is also the mailing address of the firm. An additional office of the firm is in New York, NY. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 216-621-1090 or by fax 216-621-1093. The normal business hours are 8:00 a.m. - 5:00 p.m. on Monday - Friday. You can find more information about the New York firm at clearstead.com and its LinkedIn profile.