CLEARSTEAD ADVISORS ANNOUNCES ACQUISITION OF BALDWIN ADVISORY, LLC OF NORFOLK, VA

CLEVELAND, OH, August 01, 2024 — Clearstead Advisors, LLC, a Registered Investment Advisor with the SEC (“RIA”), has acquired Baldwin Advisory, LLC (“Baldwin Advisory”), a Norfolk, Virginia-based tax advisory firm. The combination is Clearstead’s second in the Mid-Atlantic region this year, following its acquisition of the assets of Wilbanks, Smith and Thomas Asset Management, LLC in March. After the Baldwin Advisory acquisition, Clearstead Advisors and its subsidiaries will have approximately $47 billion in total assets under advisement, 240 employees, and offices in nine cities. In addition, the founder of Baldwin Advisory, Shirley Baldwin, CPA, CFP®, will become a shareholder in Clearstead, increasing the total to 66 employee-owners of the firm.

Baldwin Advisory was established in 2018 by Ms. Baldwin, who will continue to lead her tax team in Norfolk, Virginia. It will rebrand as Clearstead Advisors and enhance Clearstead’s tax capabilities nationally. Baldwin Advisory’s eleven employees will serve clients from the offices of the recently formed Clearstead Advisory Solutions Division but will operate under the parent company, Clearstead Advisors. Ms. Baldwin says, “We are excited about this merger and believe we can assist Clearstead in establishing and growing a tax practice in our area, while enhancing the quality of and expanding the services we offer to clients.”

Founded in 1989 with its headquarters in Cleveland, Ohio, Clearstead currently serves nearly 4,000 individual and family clients – integrating tax, planning, and family office services with investment management – and over 250 endowments and foundations, retirement plans, and hospitals.

Since receiving a majority equity investment from Flexpoint Ford in 2022, Clearstead has continued to grow organically and through acquisitions and strategic hires. Other recent acquisitions and expansions include Burkhart & Co. and Snow Financial Advisors, both Cleveland-based wealth managers; Avalon Trust, a Santa Fe, New Mexico Trust Company; CLS Consulting, a Cleveland family office services advisor; a team of eight financial professionals who joined from the Hudson, Ohio office of a major financial services firm; and Wilbanks Smith and Thomas Asset Management, LLC, also based in Norfolk, Virginia, and Clearstead’s largest acquisition to date.

Of the Baldwin Advisory acquisition, Clearstead Co-Chairman Carl Tippit says, “Ms. Baldwin and her team bring talent and capabilities to broaden our service offerings in the Mid-Atlantic as well as nationally. We are excited about the opportunities and growth this acquisition can add to our firm.”

About Clearstead Advisors, LLC: Founded in 1989, and headquartered in Cleveland OH, Clearstead is an independent financial advisory firm serving wealthy families and leading institutions across the country. As a fiduciary, it provides wealth management services and investment consulting to enable clients to meet their financial objectives, achieve their aspirations, and build strong futures. Learn more at: https://www.clearstead.com

About Baldwin Advisory, LLC: Established in 2018, Baldwin Advisory helps executives, high net worth families, and their advisors to assist with tax and financial reporting, succession planning, and governance structures. They help clients answer key financial questions while considering federal and state income, estate, and gift tax ramifications. Learn more at: https://baldwinadvisoryllc.com/index.html

Media Contact:

Monica Fletcher
Director, Marketing and Brand
Clearstead Advisors, LLC
(216) 621-1090
media@clearstead.com