Sequoia, the Akron, Ohio-based RIA overseeing $21.5 billion in assets, is looking to expand its reach in the US wealth space with plans to grow further across the country.
On Monday, Sequoia Financial Group announced that it plans to expand its footprint westward after buttoning up a previously announced strategic partnership with Eide Bailly.
With its acquisition of Eide Bailly's wealth management practice, the top-ranked RIA is bringing in 22 employees and $1.6 billion in additional assets.
The transaction, which the firm first revealed in late August, positions Sequoia to leverage Eide Bailly’s significant presence in the western US, including markets such as Los Angeles, Phoenix, and Salt Lake City.
“We expect our partnership with Eide Bailly to reap significant benefits as we deliver expanded accounting and wealth management services to each other's clients throughout the country,” Tom Haught, CEO of Sequoia Financial, said in a statement Monday.
Sequoia plans to hire up to 40 advisors in 2025 and increase acquisitions in key Western markets as part of its expansion strategy. The firm currently operates 16 offices across nine states, primarily in the Midwest, Southeast, and East regions, including its first-ever location in Connecticut that it staked through its late-July integration of Karpas Strategies, a $420 million manager to the ultra-affluent, into its Sentinel Family Office division.
Following the acquisition, Brad Kelley, who previously led Eide Bailly’s wealth management practice, has taken on the role of executive vice president of corporate development at Sequoia Financial. He will oversee joint initiatives between the two firms and report to Chris Thom, Sequoia’s executive vice president and chief strategy and partnerships officer.
Additionally, Brett Meyer, formerly Eide Bailly’s investment strategy director, now serves as head of investor relations on Sequoia’s investment research team, reporting to Chief Investment Officer Nick Zamparelli. Meyer will manage content and messaging for Sequoia’s public and private investment platforms.
The SEC-registered RIA advises on more than $1 billion in client assets, with no advisory fee through 2027 and no human financial advisors.
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