Clearstead Advisors, LLC (formerly known as Hartland & Co.) is a prominent, independent wealth management firm and institutional investment consultancy headquartered in Cleveland, Ohio. Established in 1989, the firm operates as a fiduciary, providing comprehensive financial planning, tax services, investment management, and outsourced Chief Investment Officer (OCIO) services. Clearstead serves two primary segments: high-net-worth individuals and families (Private Client Group) and institutional investors, such as endowments, foundations, retirement plans, and healthcare organizations (Institutional Consulting Group).
The firm manages and advises on tens of billions of dollars in assets, positioning itself as a leading mid-sized advisory firm in the United States. Its core value proposition rests on its analytical rigor, independence from product providers, and the integration of tax planning directly with investment strategy.
Historical Context and Rebranding
Founded in 1989 as Hartland & Co., the firm originally focused on providing objective investment consulting to institutional clients. Over the decades, it expanded its capabilities to address the complex financial needs of wealthy families, incorporating tax, estate, and trust services.
In 2018, the firm rebranded to Clearstead Advisors. The name "Clearstead" was chosen to reflect the firmâ??s core mission: providing a "clear path" or "homestead" of financial security and clarity to its clients. Under its current structure, Clearstead remains an employee-managed firm, supported by strategic capital partners (such as Flexpoint Ford) to fuel its geographic expansion, talent acquisition, and technological infrastructure.
Client Segments and Business Model
Clearstead operates under a pure fiduciary standard, meaning it is legally bound to act in the best interests of its clients. The firm is fee-only, deriving its revenue from assets under management (AUM), assets under advisement (AUA), or fixed project-based/retainer fees, rather than commissions on product sales.
Its business is divided into two operational pillars:
1. The Private Client Group
This division serves affluent individuals, multi-generational families, entrepreneurs, and family offices. Clearstead focuses on "Wealth Integration," an approach that coordinates a client's investments, taxes, estate plans, and philanthropic goals into a singular, unified strategy.
2. The Institutional Advisory Group
This division caters to non-profit endowments, public and private foundations, defined benefit and defined contribution retirement plans, healthcare systems, and corporations. Clearstead acts as either an independent consultant (non-discretionary) or an Outsourced Chief Investment Officer (discretionary OCIO).
Detailed Products and Services
Private Client Services
A. Comprehensive Wealth Management
Clearstead builds customized investment portfolios designed around a family's specific risk tolerance, cash flow requirements, and long-term goals.
* Asset Allocation & Portfolio Design: Utilizing global public equities, fixed income, and alternative investments (private equity, venture capital, hedge funds, real estate).
* Active vs. Passive Strategies: Combining low-cost index funds with high-conviction active managers to optimize net-of-fee returns.
* Risk Management: Stress-testing portfolios against market downturns and inflation cycles.
B. Tax Planning and Compliance
Unlike many traditional wealth management firms that outsource tax work, Clearstead maintains an in-house team of Certified Public Accountants (CPAs) and tax professionals.
* Tax Preparation: Filing federal, state, and local tax returns for individuals, trusts, partnerships, and closely-held businesses.
* Strategic Tax Planning: Structuring investments to minimize tax liabilities, utilizing strategies like tax-loss harvesting, asset location, and tax-efficient charitable giving.
* Business Succession Tax Planning: Assisting business owners with tax-efficient exit strategies.
C. Estate, Trust, and Financial Planning
The firm works alongside clientsâ?? legal counsels to construct estate structures that preserve wealth across generations.
* Trust Advisory: Structuring dynasty trusts, grantor-retained annuity trusts (GRATs), and charitable remainder trusts (CRTs).
* Financial Modeling: Cash flow forecasting, retirement readiness analysis, and lifetime spending projections.
* Wealth Transfer Strategies: Facilitating the seamless transfer of assets to heirs while minimizing estate and gift taxes.
D. Family Office Administration (Prism Program)
For ultra-high-net-worth (UHNW) families requiring comprehensive administrative support, Clearstead offers "Prism," a outsourced family office solution.
* Bill Paying and Expense Tracking: Managing day-to-day household and business expenses.
* Consolidated Reporting: Aggregating data from multiple custodians, bank accounts, and private assets into a single dashboard.
* Family Governance: Hosting family meetings to educate younger generations on financial stewardship and values.
Institutional Advisory Services
A. Outsourced CIO (OCIO) Services
For institutions lacking the internal staff or resources to manage complex portfolios daily, Clearstead acts as a discretionary OCIO.
* Discretionary Implementation: Clearstead takes responsibility for selecting managers, rebalancing portfolios, and executing trades within the parameters of an agreed-upon Investment Policy Statement (IPS).
* Speed of Execution: Allowing portfolios to adapt rapidly to changing market conditions without waiting for quarterly board meetings.
* Administrative Relief: Managing capital calls, subscription documents, and custody relations.
B. Non-Discretionary Investment Consulting
For boards and investment committees that prefer to retain final decision-making authority, Clearstead acts as an expert advisory partner.
* Investment Policy Statement (IPS) Development: Drafting and refining the governance documents that guide the institution's financial practices.
* Manager Search and Selection: Leveraging Clearsteadâ??s proprietary research to identify top-tier institutional asset managers.
* Performance Monitoring: Providing comprehensive quarterly reports comparing portfolio performance against benchmarks and peer universes.
C. Specialized Research and Alternative Investments
Clearstead maintains a dedicated, in-house research team focused on sourcing and vetting complex investment strategies.
* Alternative Investment Access: Sourcing institutional-grade private credit, infrastructure, real estate, and private equity funds.
* Operational Due Diligence (ODD): Evaluating the operational, legal, and compliance frameworks of external fund managers before recommending them to clients.
Investment Philosophy and Approach
Clearsteadâ??s investment philosophy is anchored in global diversification, long-term discipline, and rigorous due diligence. The firm believes that asset allocation is the primary driver of long-term investment performance.
Key tenets of their investment approach include:
* Independence: Since the firm does not offer proprietary mutual funds or investment products, its research is uncompromised by product-sales incentives.
* Downside Mitigation: Focus on managing downside risk through the strategic inclusion of non-correlated assets, such as private markets and alternative strategies.
* Customization: Recognizing that generic model portfolios fail to address the nuances of complex institutional mandates or multi-generational family dynamics.
