Sequoia Financial Group has acquired All Star Financial, an independent wealth management firm based in the Minneapolis-St. Paul area. All Star Financial had approximately $796 million in assets under management and an additional $566 million in retirement plan assets under advisement as of June 30, 2026. Financial terms were not disclosed.
All Star provides comprehensive wealth management, investment management and tax-focused financial strategies.
Its 14 employees will join Sequoia, adding in-house tax professionals and strengthening the firm’s integrated planning capabilities.
Founder and CEO Robert Klefsaas will also join Sequoia and remain involved in client service and the integration process.
All Star’s tax professionals will become part of Sequoia Tax Services, a commonly held entity that provides tax planning as part of Sequoia’s broader wealth management offering.
The acquisition expands Sequoia’s Upper Midwest presence following its April 2025 purchase of Carlson Capital Management, which managed more than $3.8 billion in client assets.
Sequoia manages approximately $34.9 billion and serves about 11,500 client households from 43 offices across more than 20 states.
Support: Faegre Drinker served as legal advisor to All Star Financial.
KEY QUOTES:
“All Star Financial has built a disciplined, client-centered business with a strong foundation in tax strategy. Their approach and culture make them an excellent fit as we continue to increase our presence in the Upper Midwest.”
Tom Haught, Chairman and CEO of Sequoia Financial Group
“Partnering with Sequoia Financial lets us preserve those relationships while expanding our capabilities.”
Robert Klefsaas, Founder and CEO of All Star Financial
