AKRON, Ohio and FARGO, N.D., Aug. 28, 2024 /PRNewswire/ -- Sequoia Financial Group, LLC (Sequoia Financial), an SEC-registered wealth manager with more than $19.3 billion in assets under management as of June 30, 2024, and Eide Bailly LLP, a top 20 national accounting firm, today announced a strategic partnership, with Sequoia Financial acquiring Eide Bailly's wealth management practice and both firms collaborating to deliver expanded services to each other's clients.
As part of the agreement, 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. The firms expect the transaction to close in the fourth quarter.
Headquartered in Fargo, North Dakota, Eide Bailly has over $700 million in annual revenue and more than 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.
Through 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 more than $25 million in assets. 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.
"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," said Jeremy Hauk, Eide Bailly's CEO and managing partner. "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."
"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," said Tom Haught, Sequoia Financial's CEO. "Equally important, both firms measure success by client success. Together, we will help more businesses and families achieve their financial goals."
Akron, Ohio-based Sequoia Financial offers services to clients across the wealth continuum. 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 tailored 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, mostly east of the Mississippi. 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.
About Eide Bailly
Established in 1917, Eide Bailly LLP is a certified public accounting and business advisory firm committed to helping clients grow, thrive, and embrace opportunities and innovation. Eide Bailly is a recognized national leader helping clients across all industries make smart business decisions and build a strong financial future. The firm has more than 40 offices in the U.S. and India and over 3,500 employees. For more information, visit www.eidebailly.com.
About Sequoia Financial Group
Sequoia Financial Group, LLC, founded in 1991, takes a client-centered approach to providing wealth management services, including asset management, estate and retirement planning, fiduciary consulting, and family wealth. Sequoia Financial builds and maintains strong relationships that emphasize long-term planning to help clients reach their financial and life goals. The firm was named by Barron's as one of the top RIA firms in the U.S. in 2023 for the fifth consecutive year. Sequoia Financial had more than $19.3 billion in assets under management as of June 30, 2024. For more information, visit www.sequoia-financial.com.
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Investment advisory services offered through Sequoia Financial Advisors, LLC, an SEC Registered Investment Advisor. Registration as an investment advisor does not imply a certain level of skill or training.
The tax and estate planning information offered by the advisor is general in nature. It is provided for informational purposes only and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax preparation is done by a 3rd party and not Sequoia Financial Group.
On September 18, 2023, Sequoia placed 41st on this list for the year 2023. Barron's weighs dozens of qualitative and quantitative components, including assets managed, the size and experience of teams, regulatory record of the advisors and firms, succession planning, technology spending, and staff diversity based on a 102 question survey. Investment performance isn't an explicit component because not all advisors have audited results and because performance figures often are influenced more by clients' risk tolerance than by an advisor's investment-picking abilities. No fees in any years awarded were paid or incurred to receive this recognition. $0 was spent in 2023, $6,940 in 2022 and $8,500 was spent in 2021 for marketing collateral associated with the award to be used on social media, our website, and email signatures.
SOURCE Sequoia Financial Group, LLC
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