CLEARSTEAD ANNUAL FIRM UPDATE: REVIEW OF 2022

January 11, 2023

CLEARSTEAD’S GROWTH

Since its founding in 1989, Clearstead has grown to become a prominent private client and institutional wealth advisory firm.  Today, we have over 130 employees, and most of our senior leadership professionals are shareholders.  Clearstead’s private client group provides comprehensive wealth management services to hundreds of clients and advises approximately $6 billion in assets.  Clearstead’s institutional consulting group advises approximately $20 billion in assets for more than 190 endowments and foundations, higher educational institutions, hospitals, and corporate retirement plans.  We are headquartered in Cleveland, OH, and serve clients in 42 states.  Clearstead Trust, a wholly owned subsidiary, is in Portland, ME, and provides comprehensive trust services, wealth management, and investment management.

In 2022 Flexpoint Ford, a Chicago-based private equity firm, made an investment in Clearstead, replacing Rosemont Investment Partners.  Flexpoint’s investment has helped us undertake important initiatives in investment research, technology, and reporting, as well as offer broader ownership opportunities for high-performing professionals.

As our firm grows, we continuously seek quality people to meet our clients’ needs.  In 2022 we added 39 professionals – in private client services, tax strategy and financial planning, institutional consulting, operations, client service, and finance and other administrative functions – from top universities and other firms, as well as through acquisitions.  Talented people join our firm because we offer a collegial culture and the opportunity for ownership, professional growth, and competitive compensation.

2022 IN REVIEW

Commitment to Client Services

In October, our private client group developed a team to implement eMoney – a rigorous financial planning tool – to enhance reporting and financial analysis for clients.  eMoney also serves as a portal by which clients can access net worth reporting, portfolio allocation, and other aspects of their finances.  Clearstead will be implementing eMoney with private clients throughout 2023.

In November, we announced a partnership between our institutional consulting group and eCIO to utilize its eVestech platform to enhance client reporting, communication, and education.  eVestech will become the central hub for institutional clients to access performance reports, investment committee and board deliverables, and Clearstead investment research.  Clearstead will roll-out eVestech to a small number of beta clients in January 2023, before being offered to all Clearstead’s institutional clients, and some of the firm’s private clients, throughout the year.

Sustainable Clearstead

This year we produced our second Sustainable Clearstead Impact Report, which summarizes our activities through our Diversity, Equity, & Inclusion Council; EmpowHER, our women’s initiative; the Clearstead Closet, a new charitable effort; the Clearstead Scholarship; the Clearstead Foundation; and several others.

Looking Forward

In 2022, our Investment Office produced a Quarterly Insights recording to share our firmwide thoughts on the markets and investment opportunities as we entered the fourth quarter.  These recordings will continue quarterly in 2023.

Our private client group plans to expand its family office services in 2023, to continue supporting outside family offices and wealthy families.

Our institutional consulting group plans to expand its retirement plan services in 2023, to continue supporting plan sponsors and participants.

THANK YOU

We are grateful to our clients, friends, and colleagues for their support over the years. We remain committed to objectivity and a high standard of quality in service to our clients.