Sequoia Financial Group – an SEC-registered wealth manager with $22.6 billion in assets under management as of December 31, 2024, and Carlson Capital Management (CCM), a Northfield, Minnesota-based investment advisory firm with $3.8 billion in client assets as of December 31, 2024, announced they have reached an agreement for Sequoia Financial to acquire CCM. The firms expect to complete the transaction on March 31. The financial terms were not disclosed.
Originally founded in 1987, CCM provides integrated wealth management services, including investment, retirement, tax, estate, risk management, and philanthropic planning to about 1,300 clients, primarily in the greater Minneapolis-St. Paul area. And CCM has 80 team members, including 30 wealth advisors.
Upon the completion of the deal, co-founders Gregory Carlson and Jeffrey Carlson will become senior strategic advisors, and CEO Justin Stets will be executive vice president of integrated wealth services for Sequoia Financial, reporting to CEO Tom Haught.
This acquisition represents Sequoia Financial’s largest by number of employees and wealth advisors and will expand its national footprint with the addition of internal tax planning and preparation services.
With CCM’s four Minnesota locations, Sequoia Financial will have 34 offices in 19 states. And Sequoia Financial has grown organically and through acquisitions to expand its services and geographic footprint.
In December, Sequoia Financial and Eide Bailly (a top 20 national accounting firm) completed their previously announced strategic partnership. And as part of the agreement, Sequoia Financial acquired Eide Bailly’s wealth management practice, adding 22 employees and $1.6 billion in assets.
Since 2023, Sequoia Financial made nine acquisitions, including Family Asset Management, Karpas Strategies, AltruVista, Zeke Capital Advisors, Cirrus Wealth Management, Affinia Financial Group, and M Capital Advisors.
Sequoia Financial provides services to clients across the wealth spectrum. And Sequoia Financial has been serving high net worth individuals and families since 1991 and launched Sequoia Sentinel in 2023 to expand its family office services. These services include asset management, tax management, wealth transfer, asset transactions, and charitable planning to meet the challenges inherent to generational wealth.
Faegre Drinker Biddle & Reath served as legal counsel and Turkey Hill Management served as financial advisor to CCM. And Benesch, Friedlander, Coplan & Aronoff served as legal advisor to Sequoia Financial.
KEY QUOTES:
“In Sequoia Financial, we have found a partner that embodies our values of integrity, teamwork, and extraordinary service. This strategic partnership is driven by our shared goal of enhancing value for our clients and enriching their lives through an impactful wealth management experience. By joining forces with Sequoia Financial, we are stronger together and will ensure continuity for our clients for generations to come.”
- Justin Stets, CEO of CCM
“Under the leadership of Greg and Jeff, the CCM team has built an enduring firm over the past four decades. We are thrilled that they have put their trust in Sequoia Financial to work together to carry on their legacy of integrity and client-first service. CCM expands our growing national presence, has a deep bench of innovative advisors, and adds a highly regarded tax planning and tax compliance capability to our practice.”
- Tom Haught, CEO of Sequoia Financial
