On this episode of the Global Investment Leaders podcast, Rosemont CEO Chas Burkhart is joined by Dave Fulton, Chairman and CEO of Clearstead, a Cleveland-based institutional and private client advisory firm that has been constructing globally diversified portfolios for individuals, families, foundations and endowments since 1987. Known for its in-depth investment research and personalized wealth management, the firm advises on approximately $32 billion in assets.*
Throughout their conversation, Fulton, who became Clearstead’s CEO in 2013, discussed the choices Clearstead faced around equity succession as the firm’s founder stepped down and new generations of talent sought to build the future of the firm in a scalable, sustainable way. Seeking an outside partner to provide not only capital but also guidance, Clearstead turned to Rosemont. Recounting the challenges they navigated together, Burkhart and Fulton discussed:
• The transformation from Hartland & Co., an institutional investment consultant, to Clearstead, a full-service wealth and institutional advisory firm
• The growth-supporting enhancements the firm made during the pandemic, from investing in the research and operations teams to developing the firm’s alternatives (private) investment platform to expanding opportunities for employee ownership
• Clearstead’s employee ownership culture and how, after Rosemont’s investment in 2017 followed by an investment by Flexpoint Ford in early 2022, employee ownership continues to be in high demand
• The success of the outsourced chief investment officer (OCIO) service offering of the business and the types of endowments and foundations Clearstead serves
• The key business pillars by which Clearstead operates, and the willingness to invest in people, processes and technologies
When speaking about the firm’s continued success of its employee ownership culture and its trajectory for the future, Fulton shares, “You have to keep growing, and you have to have a way for people to keep buying in at below-market rates.”
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* Approximate assets under advisement (AUA) of Clearstead as of 12/31/2021
This podcast should not be considered as an endorsement of Clearstead Advisors or Rosemont or the services that they provide. Neither Clearstead nor Rosemont were paid for the comments in this podcast. Rosemont had a minority equity ownership in Clearstead, which ended prior to this recording.