Clearstead Advisors, a leading registered financial adviser (RIA), has acquired the assets of Wilbanks Smith and Thomas Asset Management (WST), a Norfolk, Va.–based wealth and investment management firm with more than $5 billion of assets under management.
The combination continues Clearstead’s growth trajectory and further consolidates Clearstead’s position among the leading RIAs in the United States. After the merger, Clearstead Advisors and its subsidiaries will have approximately $44 billion in total assets under advisement, including $20 billion in total assets under management, 225 employees and offices in nine cities. In addition, the six WST partners will become shareholders in Clearstead, increasing the total to 65 employee-owners of the firm. The advisory business of WST will be rebranded as Clearstead Advisory Solutions, a Division of Clearstead Advisors, and continue serving clients from offices in Norfolk and Roanoke, Va., and Raleigh, N.C.
WST was f