Eide Bailly and Sequoia Financial start joint venture in wealth

In a strategic partnership, Sequoia Financial Group, an SEC-registered wealth manager with over $19.3bn in assets under management as of 30 June 2024, and Eide Bailly LLP will acquire each other’s wealth management practices and work together to provide their respective clientele with more services.

As part of the contract, Sequoia Financial Group will acquire Eide Bailly Advisors, LLC, an SEC-registered business with approximately $1.58bn in assets under management as of 30 April 2024, and Eide Bailly will make an equity investment in Sequoia. The firms anticipate that the transaction will be completed in the fourth quarter.

Eide Bailly, which has its headquarters in Fargo, North Dakota, employs over 3,500 people in 40 US locations and generates over $700m in revenue annually.

The clients of Eide Bailly’s wealth management practice include corporations, nonprofits, pension and profit-sharing plans, trusts, estates, and individuals.

As a result of this collaboration, Sequoia Financial which comprises Sequoia Sentinel, a multi-family office catering to high-net-worth individuals with assets over $25m will welcome Eide Bailly’s wealth management team.

As senior vice president of corporate development at Sequoia Financial, Brad Kelley, a principal and wealth leader at Eide Bailly Advisors, will oversee collaborative efforts between the two companies.

Jeremy Hauk, Eide Bailly’s CEO and managing partner stated: “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 recognised leader in wealth management, we can significantly enhance our offerings and serve more clients.”

Tom Haught, Sequoia Financials’ CEO added: “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.”

Sequoia Financial, based in Ohio, provides a range of services including asset management, tax management, wealth transfer, asset transactions, charitable planning, executive compensation, estate planning, family governance, and special-needs planning.

With 15 offices in nine states, the group has expanded through organic growth and acquisitions since 2023, including six acquisitions from Karpas Strategies, AltruVista, Zeke Capital Advisors, Cirrus Wealth Management, Affinia Financial Group, and M Capital Advisors.

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“Eide Bailly and Sequoia Financial start joint venture in wealth” was originally created and published by Private Banker International, a GlobalData owned brand.

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