Clearstead Advisors, a high-net-worth-focused independent financial advisory firm serving private and institutional clients and a portfolio company of Flexpoint Ford, has purchased Avalon Trust, a high-net-worth focused wealth management firm based in New Mexico with additional offices in Ridgewood, N.J., and Portland, Ore.
Avalon offers services across investment management, trust, family office administration and financial planning services to individuals, families, trusts, non-profits and foundations. The combined firm will oversee $28 billion of assets under advisement and management. This acquisition marks a continuation of Clearstead’s strategy to drive its national presence, expand its value-added services and add executives to its platform.
“Partnering with the Avalon team furthers our strategy of providing high net worth families across the U.S. with a holistic and differentiated wealth management offering,” says Dave Fulton, Clearstead chairman and CEO.
District Capital Partners served as financial advisor to Clearstead on the transaction. Colchester Partners served as financial advisor to Avalon Trust on the transaction.