US-based financial advisory firm Clearstead Advisors has strengthened its footprint in Southwest with the purchase of Avalon Trust.
Based in New Mexico, Avalon Trust provides individuals, families, trusts, non-profits, and foundations with investment management, trust, family office administration, and financial planning services.
The firm has branches in Ridgewood, New Jersey, and Portland, Oregon.
Managed by Andrew Wallerstein, Christine Mcdermott, and Julia Peters, the firm employs 13 people.
Wallerstein, McDermott and Peters will continue to serve as senior leaders in the consolidated entity created after the acquisition.
The consolidated firm will handle $28bn of assets under advisement and management.
It will offer diverse services such as in-house and vertically integrated wealth management, trust, tax planning and others to its clients and multi-generational families.
The new deal represents the eighth acquisition of Clearstead and the second after Flexpoint Ford made a majority investment in the firm in February last year.
Besides, the acquisition bolsters Clearstead’s trust business after it purchased Atlantic Trust in 2021.
Clearstead chairman and CEO Dave Fulton said: “Partnering with the Avalon team furthers our strategy of providing high net worth families across the US a holistic and differentiated wealth management offering.
“The Avalon team members are outstanding individuals who have done a first-rate job in building a leading wealth management and trust business.
“In particular, Avalon’s focus on client values aligns with our Sustainable Clearstead initiatives.”