Sequoia Financial Group (an SEC-registered wealth manager with over $19.3 billion in assets under management as of June 30, 2024) and Eide Bailly LLP (a top 20 national accounting firm) announced a strategic partnership, with Sequoia Financial acquiring Eide Bailly’s wealth management practice and firms collaborating to deliver expanded services to each other’s clients.
As part of the deal, Eide Bailly Advisors, LLC, an SEC-registered firm with approximately $1.58 billion in assets under management as of April 30, 2024, will become part of Sequoia Financial Group, and Eide Bailly will have an equity investment in Sequoia. And the firms expect the deal to close in the fourth quarter.
Based in Fargo, North Dakota, Eide Bailly has over $700 million in annual revenue and over 3,500 employees in 40 U.S. offices, with a major footprint in the western United States. Eide Bailly’s wealth management practice serves individuals, trusts, estates, pension and profit-sharing plans, businesses, and charitable organizations.
With this partnership, Eide Bailly’s wealth management team will join Sequoia Financial, which includes Sequoia Sentinel, a multi-family office focused on high-net-worth clients with over $25 million in assets. And Brad Kelley, principal and wealth leader for Eide Bailly Advisors, will become an executive vice president of corporate development for Sequoia Financial, responsible for leading joint initiatives between the two firms.
Akron, Ohio-based Sequoia Financial provides services to clients across the wealth continuum. And Sequoia Financial has been serving individuals and families since 1991. The firm launched Sequoia Sentinel in 2023 to expand its family office services. The firm’s services include asset management, tax management, wealth transfer, asset transactions, and charitable planning to meet the challenges inherent to generational wealth. It also has expertise in executive compensation, estate planning dynamics, family governance, and special-needs planning.
Sequoia Financial has 15 offices in nine states. And the firm has grown organically and through acquisitions to expand its services and geographic footprint. Since the beginning of 2023, Sequoia Financial has made six acquisitions, including Karpas Strategies, AltruVista, Zeke Capital Advisors, Cirrus Wealth Management, Affinia Financial Group, and M Capital Advisors.
KEY QUOTES:
“We have found a true partner with a strong cultural alignment and broad range of services and expertise to support the complex wealth planning needs of our accounting and business advisory clients. Over many decades we have built deep relationships with our clients. With Sequoia Financial, a recognized leader in wealth management, we can significantly enhance our offerings and serve more clients.”
- Jeremy Hauk, Eide Bailly’s CEO and managing partner
“This partnership is a key strategic move that will expand our wealth management footprint meaningfully, especially west of the Mississippi River, where Eide Bailly has a large presence in major wealth markets. Equally important, both firms measure success by client success. Together, we will help more businesses and families achieve their financial goals.”
- Tom Haught, Sequoia Financial’s CEO
