Stratos Wealth Advisors, the fee-only registered investment advisor owned by Stratos Wealth Holdings, has added an advisor duo in Pepper Pike, Ohio, managing more than $100 million in assets.
Spain & Smith Wealth Advisors will be led by veteran Henry “Hank” Spain, managing director and senior portfolio manager, who was most recently with Carnegie Investment Counsel, an RIA. He was with Wells Fargo Advisors prior to that. He’s joined by wealth advisor Dayna Smith, who comes from Frank Legan Advisors at Cedar Brook Group, an RIA affiliated with Cadaret Grant.
“As we examined how we wanted to expand in the future, we felt working with Stratos would be the best path to achieving our goals,” Spain said in a statement. “Stratos’ reputation is strong in Cleveland and around the country, and I know their team will help us fully utilize the technological and practice management solutions they offer allowing us to take our firm and clients forward.”
This follows news in April that Stratos added a Reno, Nev.-based team managing $500 million from RBC Wealth Management. Also in April, Stratos Private Wealth, a division of Stratos Wealth Holdings’ corporate RIA, Stratos Wealth Partners, added two practices to its nascent W-2 platform, including New York-based Claricity Wealth & Planning, and Heald Financial Advisors in Marlton, N.J.
Stratos Wealth Advisors has grown to over $3.3 billion in advisory assets across 65 advisors. The firm has 82 home office staff and more than 30 locations across the United States.
Stratos Wealth Holdings comprises a handful of RIAs and a limited-purpose broker/dealer that reported overseeing close to $23 billion in collective assets in March 2023. Stratos Wealth Advisors is the firm's pure RIA, while Stratos Wealth Partners is its hybrid RIA affiliated with LPL Financial. The company is minority owned by Emigrant Partners, which places total assets under advisement and management at more than $100 billion on its website.