RIA Clearstead Advisors Acquires $5.3B Team in Pennsylvania

Clearstead Advisors has purchased a Pennsylvania-based wealth management firm, which oversees $5.3 billion in combined regulatory assets under management and advisement.  

The Philadelphia-based team was formerly part of myCIO Wealth Partners and manages roughly $2.6 billion of regulatory assets and $2.7 billion in assets under advisement, as of March 31. 

The nine-person team is led by advisor Paul Bracaglia and includes senior advisors Phil Bonelli, Michael Finelli, Bruce Fenster, and Jackson Davey. 

As part of the transaction, the five advisors will become partners, Clearstead said. 

The team, which joined Clearstead Advisors on June 30, serves high net worth investors, families and retirement plans across the Northeast, Mid-Atlantic and Southeast markets, the firm said. 

“Joining Clearstead is a win-win for both organizations, as we share a planning-led approach to wealth management,” Bracaglia said. “It allows us to join a national organization with substantial resources and capabilities, while continuing to build on the client-centric culture that has defined and shaped our team’s success.” 

Bracaglia has been registered with myCIO since 2007 and has been in the industry since 1998, per the Securities and Exchange Commission’s Investment Adviser Public Disclosure website. 

In February, Clearstead acquired Seattle-based RIA The Clarius Group, which oversees $5.1 billion in assets under management. 

Clearstead’s latest addition boosts the firm’s total client assets to roughly $68 billion, including $37 billion in assets under management, as of June 30, according to the firm. Clearstead has over 325 financial professionals across 14 offices across the country.