Akron, Ohio-based Sequoia Financial Group — a wealth management firm with $21.5 billion in assets under management as of September 30, 2024 — and Family Asset Management (FAM), a Charleston, South Carolina-based investment advisory firm, announced that Sequoia Financial acquired FAM. The terms of the deal were undisclosed.
Launched in 2004, FAM is an SEC-registered investment advisor with over $300 million in assets under management as of Sept. 30, 2024. And FAM offers financial planning and investment management services to high-net-worth clients, multigenerational families, corporations, and foundations.
FAM expands Sequoia Financial’s footprint in the Southeast, an important and growing market for the firm. And FAM is led by Andrew Barrett (chief operating officer and partner) and Dan Russler (chief investment officer and a founding partner).
Sequoia Financial has 16 offices in 10 states with the new Charleston location. Sequoia Financial grew organically and through acquisitions to expand its services and geographic footprint. And since 2023, Sequoia Financial has made seven acquisitions, including Karpas Strategies, AltruVista, Zeke Capital Advisors, Cirrus Wealth Management, Affinia Financial Group, and M Capital Advisors. In August 2024, Sequoia Financial also announced a strategic partnership with Eide Bailly, including the pending acquisition of its wealth management practice.
Sequoia Financial provides services to clients across the wealth continuum. And it 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.
Benesch, Friedlander, Coplan & Aronoff served as legal advisor to Sequoia Financial. Burr & Forman served as legal advisor to FAM.
KEY QUOTES:
“Becoming part of Sequoia Financial is the culmination of a thoughtful, strategic search for the right partner that will allow us to continue our service-first approach to wealth management that we’ve had for two decades.”
– Dan Russler
“With Sequoia Financial, and the specialized services of the Sequoia Sentinel family office, we will have a broader and deeper set of resources and investment offerings that will benefit our clients, many of whom are multigenerational.”
– Andrew Barrett
“Family Asset Management just celebrated 20 years in business, which speaks to the enduring quality of the team, its offerings, and dedication to client service. We look forward to having Dan, Andrew, and their team join forces with us to continue the legacy they’ve built.”
– Tom Haught, CEO of Sequoia Financial
