Sequoia Financial Group has announced a strategic partnership with Eide Bailly, a top 20 US accounting firm, in a move set to significantly enhance both firms' wealth management services.
Under the agreement, Sequoia Financial will acquire Eide Bailly's wealth management practice, with Eide Bailly taking an equity stake in Sequoia Financial. The transaction is expected to close in the fourth quarter of 2024.
Eide Bailly Advisors, with approximately $1.58 billion in assets under management as of April 2024, will be integrated into Sequoia Financial Group. This partnership will enable both firms to offer expanded services to their clients, particularly in the western US, where Eide Bailly has a substantial presence.
Sequoia Financial, based in Akron, Ohio, currently manages over $19.3 billion in assets as of June 2024. Since 2020, it’s secured backing from several private equity partners including Kudu Investment Management and Valeas Capital Partners.
"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," Sequoia Financial CEO Tom Haught said in a statement revealing the deal Wednesday.
Eide Bailly, headquartered in Fargo, North Dakota, has over $700 million in annual revenue and employs more than 3,500 people across 40 offices. The firm's wealth management services cater to a diverse clientele, including individuals, trusts, estates, businesses, and charitable organizations.
Through the partnership, Eide Bailly’s wealth management team will join Sequoia Financial, which includes Sequoia Sentinel, a multi-family office focusing on high-net-worth clients with assets exceeding $25 million.
As part of the transition, Brad Kelley, principal and wealth leader for Eide Bailly Advisors, will join Sequoia Financial as executive vice president of corporate development. Kelley will be 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 Eide Bailly CEO Jeremy Hauk.
With this partnership, Sequoia Financial aims to further its mission of helping more businesses and families achieve their financial goals. Sequoia Financial has grown both organically and through acquisitions, with six acquisitions since 2023, including firms such as its July deal for Connecticut-based Karpas Strategies in July and Houston, Texas-based AltruVista in April.
In June, the firm also welcomed industry veteran Chris Thom as its chief strategy and partnerships officer.
Eide Bailly, founded in 1917, continues to build on its legacy as a leading accounting and business advisory firm with operations across the US and India.
Merrill's latest hires span Colorado to Louisiana, even as industry-wide recruiting data suggests the firm is losing almost as many advisors as it gains.
The $36 million buy allegedly hid inflated books and a $50 million diversion.
“An award citing emotional distress is very unusual,” an industry executive said.
New EBRI research found workers who participated in employer financial education reported higher confidence, literacy and financial satisfaction.
Beyond operational excellence, the winning advisors of the future are the ones who can reach across multiple disciplines without discarding specialist skills.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
